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Section 7

(Tam

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7 (Tam * See now the ~onipaniss A~ti 1956 (Central Act 1 of 1956). , p $957 (Tamil Nadu Act $XV of 1957). * i i . . ,, : 1 * 3 + A. ':r 2% :. <:: ; + ../ c ,,,+ a ../ .. + a ,. I. I .. ,I , .. '. $2 ,&G * - .I* G *a ~, %% 5 ,. , % 5 % (b) ' debt ' means .any liability in cash or kind. whether secured or unsecured, due from an agriculturist on the 1 st October 1953 whether payable under a corktract or decree or ordor of a Court, civil or revenue, or otherwise, but shall not include9 (i) 'any sum paynble to the Stntc or the Centla! Government or to any local autl-ro~ity ; (ii) any sum p:?yable to any co-operative society ld () including land. ~nortgngc bank, ~*egisfcrt=d 01dcc~ncd to bc g registo~od LI ndcr t hc ': Ma tl r-as C'o-opt l-ativ!: Socictics Act, 1932 (Madras Act VI of 1932) wovidecl that the right of did 1932 (Madras Act VI of 1932) wovidecl that the right of the society to recover the s:lm did not RT~S~~J. reason of an assignment made subsequai~tb ;a; 3ct?Let 1953 ; (iji) any liability arising out of breach of trust ; (iv) any li,$bility in respect of rfiailzte118nco ; (v) any liability in iespect of wngts or rernunero ti~n, due as salary or otherwise Ihr se~~viccs r~ildsred ; or (vi) any liabij.icy incurred or arising under any Chit Fund Schen~c. Exp~u~ation 1.-Where ldd i a debt has been renewed or p included in a fresh document executed after the 1 st October 1953 whether by the san~e debtor or by his heirs, legal representatives or axsiens or by any other person acting : representatives or axsiens or by any other person acting on his behalf or in hi5 4:ltcrest or as cr result of :. partition, in favour of tho Sam6 creditor or l~is heirs, kgal repmentatives or assigns or any other person acting on his behalf iilf iih or gy pg in his interest or as a io~ult of s partition, the amount outstanding on the 1.1 October 1953 anc! Included in the document executed actel the 1st Octnbc,r 1953 shall alone be treated as the debt f~r thepurposes of this Act. E:;-!anatiorr 11.--Wilere a debt has been split up aftel the 1st 0ctob:r 1953 anlong the hcirc, legal representatives or assigns of a debtor or a cleditor or as a result of ii g a partition and fre.ih d~xumellts im~e been exccuted in respect of different po~t:()i~\ oTthe debt, cacli of ihc differenf portions shall he n {ie" ii;.,r tlie purposes of this Act. -qee now the 'l'smil NL'do C',~-op~,r.~t iic Sucic!ic.;