123. [ Payment of purchase money and notification of sale. [This section was substituted for the original section 123 by section 70 of the Madras Estates Land (Amendment) Act, 1934 (Madras Act VIII of 1934).]
(1)The price of every lot, or where the landholder is the purchaser, the balance of such price after deducting any amount which he sets off under sub-section (2) of section 120-A, or the poundage payable by him under clause (b) of sub-section (1) of section 127, whichever is greater, shall be paid to the selling officer at the time of the sale, or as soon thereafter as he may direct.(2)In default of such payment, the property shall be put up again and sold and any deficiency in price, which may happen on such second sale and all expenses attending such second sale including the poundage payable in respect thereof, shall be certified to the Collector by the selling officer and the Collector may, on application by the landholder or the defaulter and after notice to the defaulting purchaser and hearing his objections, if any, certify the amount recoverable from him and the amount so certified by the Collector shall be recoverable from the defaulting purchaser at the instance either of the landholder or the defaulter, as if the Collector had passed a decree therefor.Any sum recovered under this sub-section from the defaulting purchaser shall be dealt with under section 127, as if it were proceeds of the sale.(3)As soon as the payment referred to in sub-section (I) is made, a notification shall be published in the issue of the District Gazette immediately following, giving particulars of -(i)the date of sale,(ii)the lands sold,(iii)the price for which they were sold, and(iv)the names of the purchaser, defaulter and landholder concerned.]
