146Application of proceeds of sale

146 Application of proceeds of sale Where a recreational vessel or item or thing is sold under section 144 or 145 the proceeds of sale are to be applied in the following order of priority— (a) to pay the costs of the sale; (b) to pay any costs of impoundment or immobilisation; (c) to discharge any security interest over the recreational vessel, such as a bank loan or a lease arrangement; (d) to pay the owner or registered person of the recreational vessel if the recreational vessel was uncollected, or if the owner or registered person cannot be reasonably located, for payment into the Consolidated Fund; (e) for payment into the Consolidated Fund.