What if the purchase money is more than the amounts owing?
10 What if the purchase money is more than the amounts owing?
Any balance of the purchase money must be paid into the Local Land Services Fund and held by Local Land Services in trust for the persons having estates or interests in the land immediately before the sale according to their respective estates and interests.
Local Land Services may pay the balance of the purchase money or any part of the balance to or among the persons who are, in its opinion, clearly entitled to it, and the receipt of the person to whom any payment is so made is an effectual discharge to Local Land Services for it.
The Unclaimed Money Act 1995 applies to the balance of any purchase money held by Local Land Services as if Local Land Services were a business and the money were unclaimed money within the meaning of that Act.
This Act’s bill:Explanatory memorandumSecond reading speech
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