sec.64Proceeds of sale of property

### sec.64 Proceeds of sale of property A pawnbroker may deduct the following amounts from the proceeds of the sale of property under section 63 — the costs of selling the property; the total of the following amounts— the advance made by the pawnbroker on the security of the property; the amount of interest the pawnbroker would have received if the property was redeemed on the last day of the redemption period for the property. A pawnbroker’s interest under subsection (1) in the proceeds of sale of the property— is declared to be a statutory interest to which section 73 (2) of the PPS Act applies; and has priority over all security interests in relation to the property. Subsection (1) applies only to a security interest to which the PPS Act does not apply. If the proceeds of the sale of the property are more than the amounts deducted under subsection (1) , the pawnbroker must pay the balance of the proceeds into a trust account maintained by the pawnbroker. Maximum penalty—200 penalty units. The balance of the proceeds must be held in the trust account for the person who pawned the property for 12 months after the property is sold. Maximum penalty—200 penalty units. If the balance of the proceeds is not claimed by or for the person who pawned the property within 12 months after the property is sold, the pawnbroker must give the balance to the public trustee to be placed in the unclaimed moneys fund and dealt with as unclaimed money. Maximum penalty—200 penalty units. In this section— PPS Act means the Personal Property Securities Act 2009 (Cwlth) . security interest has the meaning given by the PPS Act , section 12 . s 64 amd 2010 No. 44 s 150 (sec.64-ssec.1) A pawnbroker may deduct the following amounts from the proceeds of the sale of property under section 63 — the costs of selling the property; the total of the following amounts— the advance made by the pawnbroker on the security of the property; the amount of interest the pawnbroker would have received if the property was redeemed on the last day of the redemption period for the property. (sec.64-ssec.1A) A pawnbroker’s interest under subsection (1) in the proceeds of sale of the property— is declared to be a statutory interest to which section 73 (2) of the PPS Act applies; and has priority over all security interests in relation to the property. (sec.64-ssec.1B) Subsection (1) applies only to a security interest to which the PPS Act does not apply. (sec.64-ssec.2) If the proceeds of the sale of the property are more than the amounts deducted under subsection (1) , the pawnbroker must pay the balance of the proceeds into a trust account maintained by the pawnbroker. Maximum penalty—200 penalty units. (sec.64-ssec.3) The balance of the proceeds must be held in the trust account for the person who pawned the property for 12 months after the property is sold. Maximum penalty—200 penalty units. (sec.64-ssec.4) If the balance of the proceeds is not claimed by or for the person who pawned the property within 12 months after the property is sold, the pawnbroker must give the balance to the public trustee to be placed in the unclaimed moneys fund and dealt with as unclaimed money. Maximum penalty—200 penalty units. (sec.64-ssec.5) In this section— PPS Act means the Personal Property Securities Act 2009 (Cwlth) . security interest has the meaning given by the PPS Act , section 12 . - (a) the costs of selling the property; - (b) the total of the following amounts— (i) the advance made by the pawnbroker on the security of the property; (ii) the amount of interest the pawnbroker would have received if the property was redeemed on the last day of the redemption period for the property. - (i) the advance made by the pawnbroker on the security of the property; - (ii) the amount of interest the pawnbroker would have received if the property was redeemed on the last day of the redemption period for the property. - (i) the advance made by the pawnbroker on the security of the property; - (ii) the amount of interest the pawnbroker would have received if the property was redeemed on the last day of the redemption period for the property. - (a) is declared to be a statutory interest to which section 73 (2) of the PPS Act applies; and - (b) has priority over all security interests in relation to the property.