sec.18Disposal of property accepted by the trust

### sec.18 Disposal of property accepted by the trust This section applies if— property is accepted by the trust for exhibition or for another purpose; and the property is not collected by the person who gave it within 2 years after acceptance or, if the trust has agreed to hold the property for a certain period, 2 years after the period ends. Subject to any arrangement about the property between the trust and the person, the trust may— sell the property by public auction; or exchange the property for other property; or if the trust considers on reasonable grounds that, because of the property’s value, it is not viable to sell or exchange it—dispose of the property in another way. However, if the trust intends to sell, exchange or otherwise dispose of the property, it must give the person at least a month’s written notice of its intention. If the person’s address is not known to the trust, the notice may be given to the person by publishing it in a daily newspaper circulating generally in the State. A notice under subsection (4) may form part of a notice under section 20 . If the trust sells the property, the proceeds of sale must be applied in the following order— in payment of the reasonable expenses incurred in storing and selling the property; if there is an amount owing to an entity under a security interest registered for the property under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing under the security interest; the balance— must be held by the trust for the person for at least 1 year after the sale; and if the person does not claim the proceeds of sale within 1 year after the sale—may be used by the trust in performing its functions. s 18 ins 1997 No. 79 s 55 amd 2010 No. 44 s 210 (sec.18-ssec.1) This section applies if— property is accepted by the trust for exhibition or for another purpose; and the property is not collected by the person who gave it within 2 years after acceptance or, if the trust has agreed to hold the property for a certain period, 2 years after the period ends. (sec.18-ssec.2) Subject to any arrangement about the property between the trust and the person, the trust may— sell the property by public auction; or exchange the property for other property; or if the trust considers on reasonable grounds that, because of the property’s value, it is not viable to sell or exchange it—dispose of the property in another way. (sec.18-ssec.3) However, if the trust intends to sell, exchange or otherwise dispose of the property, it must give the person at least a month’s written notice of its intention. (sec.18-ssec.4) If the person’s address is not known to the trust, the notice may be given to the person by publishing it in a daily newspaper circulating generally in the State. (sec.18-ssec.5) A notice under subsection (4) may form part of a notice under section 20 . (sec.18-ssec.6) If the trust sells the property, the proceeds of sale must be applied in the following order— in payment of the reasonable expenses incurred in storing and selling the property; if there is an amount owing to an entity under a security interest registered for the property under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing under the security interest; the balance— must be held by the trust for the person for at least 1 year after the sale; and if the person does not claim the proceeds of sale within 1 year after the sale—may be used by the trust in performing its functions. - (a) property is accepted by the trust for exhibition or for another purpose; and - (b) the property is not collected by the person who gave it within 2 years after acceptance or, if the trust has agreed to hold the property for a certain period, 2 years after the period ends. - (a) sell the property by public auction; or - (b) exchange the property for other property; or - (c) if the trust considers on reasonable grounds that, because of the property’s value, it is not viable to sell or exchange it—dispose of the property in another way. - (a) in payment of the reasonable expenses incurred in storing and selling the property; - (b) if there is an amount owing to an entity under a security interest registered for the property under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing under the security interest; - (c) the balance— (i) must be held by the trust for the person for at least 1 year after the sale; and (ii) if the person does not claim the proceeds of sale within 1 year after the sale—may be used by the trust in performing its functions. - (i) must be held by the trust for the person for at least 1 year after the sale; and - (ii) if the person does not claim the proceeds of sale within 1 year after the sale—may be used by the trust in performing its functions. - (i) must be held by the trust for the person for at least 1 year after the sale; and - (ii) if the person does not claim the proceeds of sale within 1 year after the sale—may be used by the trust in performing its functions.