Section 29(1) in Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979
(1)The proceeds of every sale under this Chapter shall be applied by the sale officer, first in payment of all costs, charges and expenses properly incurred by him as incidental to the sale or any attempted sale determined in the prescribed manner; secondly, in payment of all interest due on account of the [gehan or mortgage or hypothecation] [Substituted for the word 'mortgage' vide H.P. Act No. 16 of 1987 w.e.f. 16-11-1987.] in consequence whereof the [xxxx] [The word 'mortgaged' Omitted vide H.P. Act No. 16 of 1987 w.e.f. 16-11-1987.] property was sold; thirdly, in payment of the principal money due on account of the mortgaged; and lastly, the residue, if any, shall be paid to the person proving himself interested in the property sold, or, if there are more such persons than one, then to such persons according to their respective interests therein or upon their joint receipt.
