Displaced Persons (Debts Adjustment) Act,1951
Act No : 70
Section :
Sale of immovable property in execution.
38. Sale of immovable property in execution. (1) Where in the execution of any decree for the recovery of a debt against a displaced person his immovable property is sought to be sold, the Court executing the decree shall, in the first instance, determine the market value of the property and, if the value so determined is less than or equal to the amount of the decree together with the proportionate amount of any prior encumbrance, the Court shall transfer the property to the decree-holder. (2) If the value determined under sub-section (1) is greater than the amount of the decree together with the proportionate amount of any prior encumbrance, the Court shall determine the portion of such property the value of which is equal to the amount of the decree with proportionate amount of such prior encumbrance, and may, if it is reasonable or convenient to do so, transfer that portion to the decree-holder. (3) Where any property is transferred under the provisions of this section to the decree-holder, the decree shall be deemed to be satisfied to the extent of the value of the property so transferred: Provided that if the decree-holder does not desire to take the property or, in the opinion of the Court, it is not reasonable or convenient 84 to transfer the property to him, the property may be sold by public auction, but irrespective of the price fetched at the public auction the market value of the property as determined under this section (and not the amount payable to the decree-holder out of the sale proceeds of the public auction) shall be deemed to be the amount which has been paid to the decree-holder in respect of the decree, and satisfaction thereof shall be entered accordingly.
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