sec.31Sale of abandoned property

sec.31 Sale of abandoned property

The authority may sell abandoned property if— a person does not claim the abandoned property within 28 days after the authority has given or published a notice about the property under section 29 ; or the property is perishable and it is impracticable for the authority to keep it having regard to its nature and condition. If abandoned property is sold by the authority, the proceeds of the sale must be applied in the following order— in payment of the expenses reasonably incurred by the authority in selling the property; in payment of the expenses reasonably incurred by the authority in dealing with the property under this division; in payment of charges, interest and other expenses owing to the authority in relation to the property; if there is an amount owing to an entity under a security interest registered for the abandoned property under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing under the security interest; the balance to the owner of the abandoned property or, if the owner can not be found, to the consolidated fund. If the proceeds of the sale are less than the total of the expenses mentioned in subsection (2) (a) , (b) and (c) , the difference is a debt owing to the State by the owner. Compensation may not be recovered against the authority in relation to a payment under this section. (sec.31-ssec.1) The authority may sell abandoned property if— a person does not claim the abandoned property within 28 days after the authority has given or published a notice about the property under section 29 ; or the property is perishable and it is impracticable for the authority to keep it having regard to its nature and condition. (sec.31-ssec.2) If abandoned property is sold by the authority, the proceeds of the sale must be applied in the following order— in payment of the expenses reasonably incurred by the authority in selling the property; in payment of the expenses reasonably incurred by the authority in dealing with the property under this division; in payment of charges, interest and other expenses owing to the authority in relation to the property; if there is an amount owing to an entity under a security interest registered for the abandoned property under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing under the security interest; the balance to the owner of the abandoned property or, if the owner can not be found, to the consolidated fund. (sec.31-ssec.3) If the proceeds of the sale are less than the total of the expenses mentioned in subsection (2) (a) , (b) and (c) , the difference is a debt owing to the State by the owner. (sec.31-ssec.4) Compensation may not be recovered against the authority in relation to a payment under this section.

• (a) a person does not claim the abandoned property within 28 days after the authority has given or published a notice about the property under section 29 ; or