151Application of proceeds of sale

151 Application of proceeds of sale (1) If a recreational vessel, item or thing is sold under a disposal order, the proceeds of the sale are to be applied in the following order of priority— (a) to pay the costs of the disposal; (b) to pay any costs of impoundment or immobilisation; (c) to discharge any security interest over the recreational vessel, including a bank loan or lease arrangement. (2) Any sum remaining after the proceeds of the sale are applied in accordance with subsection (1) is taken to be unclaimed money under the **Unclaimed Money Act 2008** as if it were a sum of money legally payable to the person who had ownership of the recreational vessel immediately before the disposal order was made and as if the sum has remained unpaid for more than 12 months.