9
CurrentWhat if the purchase money is less than the amounts owing?
9 What if the purchase money is less than the amounts owing?
If the purchase money is insufficient to satisfy all rates, charges and debts referred to in clause 8 (b)—
(a)
the amount available is to be divided between the rates, charges and debts in proportion to the amounts owing on each, and
(b)
the rates, charges and debts are taken to have been fully satisfied.
This Act’s bill:Explanatory memorandumSecond reading speech
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