Section 29 in The M.P. Shakari Krishi Aur Gramin Vikas Bank Adhiniyam 1999
29. Distribution of Sale proceeds.
- The proceeds of every sale under this Chapter shall he applied by the Sale Officer-Firstly, in payment of all costs, charges and expenses properly incurred by him as incidental to the sale or any attempted sale;Secondly, in payment of all interest due on account of the loan in consequence whereof the property was sold;Thirdly, in payment of the principal amount of the loan;Fourthly, in payment to any creditor of the loanee who has, in a suit for the administration of his estate, obtained, a decree for Sale of the property to which the security relates; andLastly, the residue, if any, shall he 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 interest herein or upon their joint receipt :Provided that the sale officer shall not distribute such residue until thirty days have elapsed from the date of communication of his decision to all the persons concerned.
