76
In forceSale of trust assets
Chapter 3Reserves, deeds of grant in trust and roads
Part 1Reserves and deeds of grant in trust
Division 9Winding up trusts of trust land
76 Sale of trust assets
(1)
The liquidator must sell all the trust property and apply the proceeds of the sale towards payment of—
(a)
firstly, the costs and expenses of the winding up; and
(b)
secondly, the amount owing to any mortgagee (other than a mortgagee under section 70) or, if more than 1 mortgagee, according to their priorities; andNote—Section 70 is about how a mortgagee in possession can sell a deed of grant in trust.
(c)
thirdly, the debts and obligations of the trust.
(2)
If an amount remains, the liquidator must pay the amount to the State for disposal as the Minister considers appropriate.
This Act’s bill:Explanatory memorandum
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