sec.50Application of proceeds of sale of abandoned property

sec.50 Application of proceeds of sale of abandoned property

If the chief executive sells the abandoned property, the proceeds of the sale must be applied in the following order— in payment of the expenses reasonably incurred by the chief executive in selling the abandoned property; in payment of the expenses reasonably incurred by the chief executive in dealing with the abandoned property under this subdivision; in payment of charges, interest and other expenses owing to the chief executive in relation to selling or dealing with the abandoned property under this subdivision; 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. If the proceeds of the sale of the abandoned property are less than the total of the expenses mentioned in subsection (1) (a) , (b) and (c) , the difference is a debt payable by the owner of the abandoned property to the State. Compensation may not be recovered against the State in relation to a payment made under this section. (sec.50-ssec.1) If the chief executive sells the abandoned property, the proceeds of the sale must be applied in the following order— in payment of the expenses reasonably incurred by the chief executive in selling the abandoned property; in payment of the expenses reasonably incurred by the chief executive in dealing with the abandoned property under this subdivision; in payment of charges, interest and other expenses owing to the chief executive in relation to selling or dealing with the abandoned property under this subdivision; 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. (sec.50-ssec.2) If the proceeds of the sale of the abandoned property are less than the total of the expenses mentioned in subsection (1) (a) , (b) and (c) , the difference is a debt payable by the owner of the abandoned property to the State. (sec.50-ssec.3) Compensation may not be recovered against the State in relation to a payment made under this section.

• (a) in payment of the expenses reasonably incurred by the chief executive in selling the abandoned property;
• (b) in payment of the expenses reasonably incurred by the chief executive in dealing with the abandoned property under this subdivision;
• (c) in payment of charges, interest and other expenses owing to the chief executive in relation to selling or dealing with the abandoned property under this subdivision;
• (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;