69Proceeds of sale or disposal of vehicle

69 Proceeds of sale or disposal of vehicle (1) All money received from selling or disposing of a vehicle under this Part is to be applied in paying, in the following order: (a) the costs incurred by the competent authority in selling or disposing of the vehicle; (b) the costs of removing and storing the vehicle; (c) the costs of serving or publishing the notice under regulation 65. (2) If the money received from the sale or disposal of the vehicle is sufficient to pay the costs mentioned in subregulation (1), the balance of the remaining money is to be applied by the competent authority in making payments in the following order: (a) first – in payment of any amount owing to the holder of a security interest in the vehicle that is registered in the PPS Register; (b) second – to the person who was the owner of the vehicle immediately before its sale or disposal.

Traffic Regulations 1999 42 (3) If, after 6 months after a vehicle is sold or disposed of, any money from the sale or disposal remains in the possession of the competent authority and is unclaimed by the holder of a registered security interest, the former owner or another person claiming it through the former owner, the money becomes the property of the competent authority. (4) A sale or disposal of a vehicle under this Part is valid against all persons.