50Proceeds of sale or disposal to be held on trust

50 Proceeds of sale or disposal to be held on trust If a motor car trader— (a) acquires a motor car from a person other than a motor car trader or special trader on the condition or understanding that the trader will procure the cancellation of a security interest affecting the motor car; and (b) sells or otherwise disposes of the motor car without first procuring the cancellation of that security interest— the motor car trader shall be deemed to have received the proceeds of sale or disposal (other than any part of the proceeds that exceeds the amount necessary to procure the cancellation of the security interest) on trust for the person from whom the trader acquired the motor car. S. 50A inserted by No. 74/1996 s. 30.