Proceeds of sale
67 Proceeds of sale
(1) The Corporation must apply the proceeds of the sale of an allotment under this Subdivision as follows:
(a) firstly, in the payment of the costs incurred in selling the allotment;
(b) secondly, in the payment of all liabilities secured on the allotment (including the liability to the Corporation) in the order of their priority;
thirdly, in payment to the registered owner of the allotment.
(2) If the Corporation fails, after reasonable inquiry, to discover the identity or whereabouts of a person entitled to payment under this section, the Corporation may make the payment to the Public Trustee as unclaimed property.
(3) A payment made to the Public Trustee under subsection (2) vests in the Public Trustee as mentioned in section 59A of the Public Trustee Act 1979.
This Act’s bill:Explanatory statementSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.