Section 12 in The U.P. Debt Redemption Rules, 1941
12. Rateable distribution among several persons holding unsecured decrees.
- If several persons holding unsecured decrees apply for execution of their decrees by grant of a mortgage of protected land, the Collector shall divide the protected land, or such portion of it as is available, into rateable shares according in the net annual profits of the land and the amount of the decrees, and shall grant mortgages simultaneously to the decree-holders accordingly.Example. - Suppose the net annual profits of the land available for mortgage to unsecured decree-holders are Rs. 50 and there are three decree-holders with decrees of Rs. 500, Rs. 300 and Rs. 200 respectively. A reference to the table in Appendix A shows that in twenty years a sum of Rs. 1,487.74 (Rs. 1,488) can be repaid by annual payments of Rs. 100, if the rate of interest is 3 percent, with annual payments of Rs. 50 therefore, a sum of Rs. 744 can be repaid in twenty years. As the amount which can be repaid over a period of twenty years is less than the total amount of the decree (Rs. 1,000) the mortgage for the full period of twenty years should be granted, vide rule 11. The decree-holder with the decree of Rs. 500 shall be given a mortgage of land of which the net annual profit is Rs. 25 for the full period of twenty years, the other holding the decree of Rs. 300 should be granted a mortgage of land of which the net annual profit is Rs. 15 for a similar period, and the third will get a mortgage of the rest of the land of which the net annual profit is Rs. 10.
