sec.183How lessor deals with proceeds of sale

sec.183 How lessor deals with proceeds of sale

This section applies if, under section 182 , a lessor sells a mortgaged lease. The lessor must apply the proceeds of the sale, under the Property Law Act 2023 , section 118 , as if the lease were sold by the mortgagee and the amount of the sale were received by the mortgagee. However, in applying the proceeds of the sale, the lessor must firstly apply the proceeds to the payment of all costs, charges and expenses properly incurred by the lessor for the sale or any attempted sale. s 183 ins 2008 No. 29 s 44 sub 2011 No. 26 s 66 amd 2023 No. 27 s 289 sch 3 (sec.183-ssec.1) This section applies if, under section 182 , a lessor sells a mortgaged lease. (sec.183-ssec.2) The lessor must apply the proceeds of the sale, under the Property Law Act 2023 , section 118 , as if the lease were sold by the mortgagee and the amount of the sale were received by the mortgagee. (sec.183-ssec.3) However, in applying the proceeds of the sale, the lessor must firstly apply the proceeds to the payment of all costs, charges and expenses properly incurred by the lessor for the sale or any attempted sale.