Application of proceeds of sale
786 Application of proceeds of sale
This section applies if the commissioner decides to sell a motor vehicle under section 783 or 785.
The proceeds of the sale are to be applied in the following order—
in payment of the expenses of the sale;
in payment of the costs of removing and keeping the motor vehicle and for searching registers for giving notice of the motor vehicle’s impounding;
if there is an amount owing to a person under a security interest registered for the motor vehicle under the Personal Property Securities Act 2009 (Cwlth)—in payment of the amount owing to the holder of the security interest;
if the motor vehicle is sold under section 783—in payment of any balance to the owner;
if the motor vehicle is sold under section 785—in payment to the consolidated fund.
This Act’s bill:Explanatory memorandum
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