Major Sports Facilities Act 2001
sch.1-sec.11Application of proceeds of sale
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sch.1-sec.11 Application of proceeds of sale
The proceeds of the sale must be applied in the following order— in payment of the reasonable expenses incurred in the sale; in payment of the reasonable cost of seizing, removing and holding the vehicle; if there is an amount owing to a person under a security interest registered for the vehicle under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing to the holder of the security interest; in payment of any balance to the owner. A secured party can not enforce any security interest in the proceeds of sale against an entity to whom an amount is payable under subsection (1) (a) or (b) . Compensation is not recoverable against the Authority because of a payment under this section. In this section— secured party has the meaning given by the Personal Property Securities Act 2009 (Cwlth) , section 10 . sch 1 s 11 ins 2005 No. 6 s 12 amd 2010 No. 44 s 66 (sch.1-sec.11-ssec.1) The proceeds of the sale must be applied in the following order— in payment of the reasonable expenses incurred in the sale; in payment of the reasonable cost of seizing, removing and holding the vehicle; if there is an amount owing to a person under a security interest registered for the vehicle under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing to the holder of the security interest; in payment of any balance to the owner. (sch.1-sec.11-ssec.2) A secured party can not enforce any security interest in the proceeds of sale against an entity to whom an amount is payable under subsection (1) (a) or (b) . (sch.1-sec.11-ssec.3) Compensation is not recoverable against the Authority because of a payment under this section. (sch.1-sec.11-ssec.4) In this section— secured party has the meaning given by the Personal Property Securities Act 2009 (Cwlth) , section 10 .
- (a) in payment of the reasonable expenses incurred in the sale;
- (b) in payment of the reasonable cost of seizing, removing and holding the vehicle;
- (c) if there is an amount owing to a person under a security interest registered for the vehicle under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing to the holder of the security interest;
- (d) in payment of any balance to the owner.