Queensland Performing Arts Trust Act 1977

This section applies if—

property is accepted by the trust for exhibition or for another purpose; and

the property is not collected by the person who gave it within 2 years after acceptance or, if the trust has agreed to hold the property for a certain period, 2 years after the period ends.

Subject to any arrangement about the property between the trust and the person, the trust may—

sell the property by public auction; or

exchange the property for other property; or

if the trust considers on reasonable grounds that, because of the property’s value, it is not viable to sell or exchange it—dispose of the property in another way.

However, if the trust intends to sell, exchange or otherwise dispose of the property, it must give the person at least a month’s notice of its intention.

If the person’s address is not known to the trust, the notice may be given to the person by publishing it in a daily newspaper circulating generally in the State.

A notice under subsection (4) may form part of a notice under section 20.

If the trust sells the property, the proceeds of sale must be applied in the following order—

in payment of the reasonable expenses incurred in storing and selling the property;

if there is an amount owing to an entity under a security interest registered for the property under the Personal Property Securities Act 2009 (Cwlth)—in payment of the amount owing under the security interest;

the balance—

must be held by the trust for the person for at least 1 year after the sale; and

if the person does not claim the proceeds of sale within 1 year after the sale—may be used by the trust in performing its functions.