261Proceeds of sale

261 Proceeds of sale (1) The council must apply the proceeds of the sale of the land as (a) first – in the payment of the costs incurred in selling the land under this Division; (b) second – in the payment of all liabilities secured on the land (including the liability to the council) in the order of their priority; (c) third – in payment to the person who owned the land prior to the sale of the land. (2) If the council fails, after reasonable inquiry, to discover the identity or whereabouts of a person entitled to payment under this section, the council may make the payment to the Public Trustee as unclaimed property. (3) A payment made to the Public Trustee under subsection (2) vests in the Public Trustee under, and for the purposes of, section 59A of the Public Trustee Act 1979.