Disposition of proceeds of sale
10 Disposition of proceeds of sale
From the proceeds of the sale the warehouseman shall satisfy his lien, and, subject to the provisions of the next two succeeding subsections, shall not less than ten nor more than fourteen days after the sale pay over the surplus, if any, to the person or persons entitled thereto; and the warehouseman shall when paying over the surplus deliver to the person or persons to whom he pays the surplus or any part thereof a statement of account showing how the amount has been computed.
s. 10
(a) Where there are conflicting claims to such surplus or the rights of any claimant thereto are uncertain the warehouseman shall within fourteen days after the sale pay such surplus into the county court.
S. 10(2)(b) amended by Nos 19/1989 s. 16(Sch. item 57(a)(b)), 44/2008 s. 116(1).
Any money so paid into the county court may be applied as the court thinks fit.
S. 10(3) amended by Nos 70/1993 s. 14(Sch. item 9.1), 18/1994 s. 66(Sch. 2 item 30.1), 44/2008 s. 116(2).
Where no claim to such surplus is made within ten days after the sale the warehouseman shall within fourteen days after the sale pay the surplus to the Registrar of Unclaimed Money to be placed to the credit of the Consolidated Fund.
S. 10(4) amended by Nos 18/1994 s. 66(Sch. 2 item 30.2), 44/2008 s. 116(2).
The warehouseman at the time of paying such surplus into the county court or to the Registrar of Unclaimed Money shall furnish duplicate copies of the statement of account, showing how the amount has been computed, verified in the manner prescribed, and such other particulars relating to the transaction as are prescribed.
S. 10(5)(6) amended by Nos 57/1989 s. 3(Sch. item 214.2), repealed by No. 70/1993 s. 14(Sch. item 9.2).
* * * * *
S. 10(7) amended by Nos 9554 s. 2(2)(Sch. 2 item 361), 18/1994 s. 66(Sch. 2 item 30.2), 44/2008 s. 116(3).
Any warehouseman who fails to pay any money into the county court or to the Registrar of Unclaimed Money as required by this section shall be liable to a penalty of not more than 1 penalty unit for every day during which such default continues.
S. 10(8) amended by Nos 57/1989 s. 3(Sch. item 214.2), 70/1993 s. 14(Sch. item 9.3(a)(b)), 46/1998 s. 7(Sch. 1), 44/2008 s. 116(4).
If any claimant makes any demand against the Minister administering Part 7 of the Financial Management Act 1994 for any money paid to the receiver of revenue and placed to the credit of the Consolidated Fund that Minister upon being satisfied that the claimant is entitled to the money demanded by him shall order and direct payment of the same to be made to him out of money made available by Parliament for the purpose.
S. 10(9) amended by No. 44/2008 s. 116(5).
Where any unclaimed money paid to any claimant are afterwards claimed by any other person the Treasurer shall not be responsible for the payment of the same but such person may have recourse against the claimant to whom the Treasurer has paid the unclaimed money.
S. 10A inserted by No. 2/2009 s. 32.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.