sec.289MProceeds from the sale of abandoned property

### sec.289M Proceeds from the sale of abandoned property If abandoned property is sold by a port authority or port operator, the proceeds of the sale must be applied in the following order— in payment of the expenses reasonably incurred by the port authority or port operator in selling the property; in payment of the expenses reasonably incurred by the port authority or port operator in dealing with the property under this part; in payment of charges, interest and other expenses owing to the port authority or port operator in relation to the property; if there is an amount owing to an entity under a security interest registered for the abandoned property under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing under the security interest; the balance to the owner of the abandoned property or, if the owner can not be found, to the consolidated fund. If the proceeds of the sale are less than the total of the expenses mentioned in subsection (1) (a) , (b) and (c) , the difference is a debt owing to the port authority or port operator by the owner. Compensation may not be recovered against the port authority or port operator in relation to a payment under this section. s 289M ins 2005 No. 22 s 14 amd 2010 No. 19 s 120 ; 2010 No. 44 s 218 (sec.289M-ssec.1) If abandoned property is sold by a port authority or port operator, the proceeds of the sale must be applied in the following order— in payment of the expenses reasonably incurred by the port authority or port operator in selling the property; in payment of the expenses reasonably incurred by the port authority or port operator in dealing with the property under this part; in payment of charges, interest and other expenses owing to the port authority or port operator in relation to the property; if there is an amount owing to an entity under a security interest registered for the abandoned property under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing under the security interest; the balance to the owner of the abandoned property or, if the owner can not be found, to the consolidated fund. (sec.289M-ssec.2) If the proceeds of the sale are less than the total of the expenses mentioned in subsection (1) (a) , (b) and (c) , the difference is a debt owing to the port authority or port operator by the owner. (sec.289M-ssec.3) Compensation may not be recovered against the port authority or port operator in relation to a payment under this section. - (a) in payment of the expenses reasonably incurred by the port authority or port operator in selling the property; - (b) in payment of the expenses reasonably incurred by the port authority or port operator in dealing with the property under this part; - (c) in payment of charges, interest and other expenses owing to the port authority or port operator in relation to the property; - (d) if there is an amount owing to an entity under a security interest registered for the abandoned property under the Personal Property Securities Act 2009 (Cwlth) —in payment of the amount owing under the security interest; - (e) the balance to the owner of the abandoned property or, if the owner can not be found, to the consolidated fund.