Distribution of
proceeds of
sale.
14. (1) The proceeds of every sale under the provisions of
Sections 11, 12, 13 of this Act shall be applied by the
Sale Officer, first in payment of all costs, charges and
expenses actually incurred by him as incident to the
sale or any proposed sale; secondly, in payment of all
interest due on account of the mortgage in
consequence whereof the mortgaged property was
sold; thirdly, in payment of the principal money due
on account of the mortgage; and lastly, in payment of
the residue, if any, with the approval of the Registrar
or the officer appointed by the State Government in
this behalf to the person interested in the property
sold or if there are more such persons than one then to
such persons according to their respective interests
upon their joint receipt.
Section 14 • THE ASSAM CO-OPERATIVE LAND MORTGAGE BANK ACT, 1960
Section 14. (1)
assam-co-operative-land-mortgage-bank-act-1960-assam-sec-14.json
•
Section 14
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"act_title": "THE ASSAM CO-OPERATIVE LAND MORTGAGE BANK ACT, 1960",
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"section": {
"number": "14",
"title": "Section 14. (1)",
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"content": "Distribution of \nproceeds of \nsale.\n\n14. (1) The proceeds of every sale under the provisions of \nSections 11, 12, 13 of this Act shall be applied by the \nSale Officer, first in payment of all costs, charges and \nexpenses actually incurred by him as incident to the \nsale or any proposed sale; secondly, in payment of all \ninterest due on account of the mortgage in \nconsequence whereof the mortgaged property was \nsold; thirdly, in payment of the principal money due \non account of the mortgage; and lastly, in payment of \nthe residue, if any, with the approval of the Registrar \nor the officer appointed by the State Government in \nthis behalf to the person interested in the property \nsold or if there are more such persons than one then to \nsuch persons according to their respective interests \nupon their joint receipt.",
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