(1)When a debtor tenders to a money-lender or his agent money on account of any interest due on a loan or an account of a principal of a loan and the money-lender or his agent refuses to receive the amount tendered or refuses to grant a receipt for the same, the debtor may deposit, in any Court in which the money-lender might have instituted suit for the recovery of such interest or such loan, to the account of the money-lender the amount tendered as aforesaid.(2)The Court shall thereupon forthwith grant a receipt for the deposit under the seal of the Court and cause a written notice of the deposit to be served upon the money-lender.(3)The money-lender may at any time within three years after the date of the service upon him of the notice mentioned in Sub-section (2) make an application to the Court praying for the amount deposited as aforesaid to be paid to him.(4)If no application is made under Sub-section (3) within the period mentioned in the said sub-section, the amount deposited shall be disposed of in the prescribed manner.(5)Upon receipt of an application under Sub-section (3) the Court may order such amount to be paid to the applicant upon such terms and subject to such conditions as may be specified in the order.
