Section 135 in The Maharashtra Co-Operative Societies Act, 1960
135. Disposal of sale-proceeds.
- The proceeds of every sale effected under section 133 and confirmed under the preceding section, shall be applied first in payment of all costs, charges and expenses incurred in connection with the sale or attempted sales, secondly in payment of any or all interest due on account of the mortgage [or encumberance] [These words were inserted by Maharashtra 5 of 1990, Section 18(a).] in consequences whereof the [mortgage or otherwise encumbered property] [These words were substituted for the words 'mortgage property', by Maharashtra 5 of 1990, Section 18(b).] was sold, and thirdly in payment of the principal due on account of the mortgage [or encumberance] [These words were inserted by Maharashtra 5 of 1990, Section 18(a).] including costs and charges incidental to the recovery.If there remain any residue from the proceeds of sale, the same 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 upon their joint receipt or according to their respective interest therein, as may be determined by the [Co-operative Agriculture and Rural Multipurpose Development Bank] [These words were substituted for the words 'Agriculture and Rural Development Bank', by Maharashtra 41 of 2005, (w.e.f 25-8-2005), Section 8.]:Provided that, before any such payments are made the unsecured dues owing-(a)from the mortgagor [or the debtor] [These words were inserted by Maharashtra 5 of 1990, Section 18(c).] to the [Co-operative Agriculture and Rural Multipurpose Development Bank] [These words were substituted for the words 'Agriculture and Rural Development Bank', by Maharashtra 41 of 2005, (w.e.f 25-8-2005), Section 8.] may be adjusted, and(b)from any member or past member or whom the mortgagor [or the debtor] [These words were inserted by Maharashtra 5 of 1990, Section 18(c).] is indebted may also be adjusted under the written authority given by such member and past member, and after holding such inquiry as may be deemed necessary.
