sec.92Proceeds from the sale of abandoned property

sec.92 Proceeds from the sale of abandoned property

If abandoned property is sold by an airport operator, the proceeds of the sale must be applied in the following order— in payment of the expenses reasonably incurred by the airport operator in selling the property; in payment of the expenses reasonably incurred by the airport operator in dealing with the property under this part; in payment of charges, interest and other expenses owing to the airport operator in relation to the property; in payment of any balance to the owner. If the proceeds of the sale are less than the total of the expenses mentioned in subsection (1) (a) , (b) and (c) , the difference is a debt owing to the airport operator by the owner. If the proceeds of the sale are more than the total of the expenses mentioned in subsection (1) (a) , (b) and (c) , and the airport operator can not locate the owner, the airport operator must pay the amount of the difference to the public trustee. The public trustee must pay the amount into the unclaimed moneys fund kept under the Public Trustee Act 1978 . Compensation may not be recovered against the airport operator in relation to a payment made honestly and without negligence under this section. (sec.92-ssec.1) If abandoned property is sold by an airport operator, the proceeds of the sale must be applied in the following order— in payment of the expenses reasonably incurred by the airport operator in selling the property; in payment of the expenses reasonably incurred by the airport operator in dealing with the property under this part; in payment of charges, interest and other expenses owing to the airport operator in relation to the property; in payment of any balance to the owner. (sec.92-ssec.2) If the proceeds of the sale are less than the total of the expenses mentioned in subsection (1) (a) , (b) and (c) , the difference is a debt owing to the airport operator by the owner. (sec.92-ssec.3) If the proceeds of the sale are more than the total of the expenses mentioned in subsection (1) (a) , (b) and (c) , and the airport operator can not locate the owner, the airport operator must pay the amount of the difference to the public trustee. (sec.92-ssec.4) The public trustee must pay the amount into the unclaimed moneys fund kept under the Public Trustee Act 1978 . (sec.92-ssec.5) Compensation may not be recovered against the airport operator in relation to a payment made honestly and without negligence under this section.

• (a) in payment of the expenses reasonably incurred by the airport operator in selling the property;
• (b) in payment of the expenses reasonably incurred by the airport operator in dealing with the property under this part;
• (c) in payment of charges, interest and other expenses owing to the airport operator in relation to the property;
• (d) in payment of any balance to the owner.