sec.20Disposal of net proceeds of sale of goods

sec.20 Disposal of net proceeds of sale of goods

Where, after goods have been sold by virtue of the provisions of this Act and the bailee has deducted the bailee’s charges in relation to those goods, there remains a surplus of moneys in the hands of the bailee, the bailee shall within 14 days after the sale pay those moneys to the public trustee unless they have previously been paid by the bailee to the person entitled thereto. Where the bailee pays the surplus of any moneys to the person entitled thereto, the bailee shall furnish to that person a copy of the record prepared by the bailee in relation to the goods in accordance with the requirements of section 9 (2) . Any moneys paid to the public trustee under this section shall be held by the public trustee on behalf of the person for the time being entitled thereto, and such person shall be entitled to be repaid such sum less any prescribed charges. The State’s interest under subsection (3) in prescribed charges is declared to be a statutory interest to which section 73 (2) of the Personal Property Securities Act 2009 (Cwlth) applies. Any such sum lying unclaimed in the hands of the public trustee for a period of 6 years shall be deemed to be unclaimed moneys under and within the meaning of the Public Trustee Act 1978 and shall be dealt with accordingly. s 20 amd 2010 No. 44 s 102 (sec.20-ssec.1) Where, after goods have been sold by virtue of the provisions of this Act and the bailee has deducted the bailee’s charges in relation to those goods, there remains a surplus of moneys in the hands of the bailee, the bailee shall within 14 days after the sale pay those moneys to the public trustee unless they have previously been paid by the bailee to the person entitled thereto. (sec.20-ssec.2) Where the bailee pays the surplus of any moneys to the person entitled thereto, the bailee shall furnish to that person a copy of the record prepared by the bailee in relation to the goods in accordance with the requirements of section 9 (2) . (sec.20-ssec.3) Any moneys paid to the public trustee under this section shall be held by the public trustee on behalf of the person for the time being entitled thereto, and such person shall be entitled to be repaid such sum less any prescribed charges. (sec.20-ssec.3A) The State’s interest under subsection (3) in prescribed charges is declared to be a statutory interest to which section 73 (2) of the Personal Property Securities Act 2009 (Cwlth) applies. (sec.20-ssec.4) Any such sum lying unclaimed in the hands of the public trustee for a period of 6 years shall be deemed to be unclaimed moneys under and within the meaning of the Public Trustee Act 1978 and shall be dealt with accordingly.