sec.76Sale of trust assets

### sec.76 Sale of trust assets The liquidator must sell all the trust property and apply the proceeds of the sale towards payment of— firstly, the costs and expenses of the winding up; and secondly, the amount owing to any mortgagee (other than a mortgagee under section 70 ) or, if more than 1 mortgagee, according to their priorities; and Section 70 is about how a mortgagee in possession can sell a deed of grant in trust. thirdly, the debts and obligations of the trust. If an amount remains, the liquidator must pay the amount to the State for disposal as the Minister considers appropriate. s 76 amd 2013 No. 23 s 352 sch 1 pt 1 (sec.76-ssec.1) The liquidator must sell all the trust property and apply the proceeds of the sale towards payment of— firstly, the costs and expenses of the winding up; and secondly, the amount owing to any mortgagee (other than a mortgagee under section 70 ) or, if more than 1 mortgagee, according to their priorities; and Section 70 is about how a mortgagee in possession can sell a deed of grant in trust. thirdly, the debts and obligations of the trust. (sec.76-ssec.2) If an amount remains, the liquidator must pay the amount to the State for disposal as the Minister considers appropriate. - (a) firstly, the costs and expenses of the winding up; and - (b) secondly, the amount owing to any mortgagee (other than a mortgagee under section 70 ) or, if more than 1 mortgagee, according to their priorities; and Note— Section 70 is about how a mortgagee in possession can sell a deed of grant in trust. - (c) thirdly, the debts and obligations of the trust.