New South Wales Consolidated Acts

WAREHOUSEMEN'S LIENS ACT 1935 - SECT 8

8 Disposition of proceeds of sale

(1) From the proceeds of the sale the warehouseman shall satisfy his or her lien, and shall pay over the surplus, if any, to the person entitled thereto; and the warehouseman shall when paying over the surplus deliver to the person to whom he or she pays it a statement of account showing how the amount has been computed.

(2) If the surplus is not demanded by the person entitled thereto within ten days after the sale, or if there are different claimants or the rights thereto are uncertain, the warehouseman shall pay the surplus to the NSW Trustee and Guardian.

(3) The warehouseman at the time of paying the amount to the NSW Trustee and Guardian shall furnish duplicate copies of the statement of account, showing how the amount has been computed, verified in the manner prescribed, and such other particulars relating to the transaction as may be prescribed by regulation made under this Act.

(4) Any money so paid to the NSW Trustee and Guardian shall be held by him or her on behalf of the person for the time being entitled thereto and such person shall be entitled to be repaid such sum, less any charges prescribed by regulations made under this Act. The regulations may prescribe the manner in which sums lying unclaimed in the hands of the NSW Trustee and Guardian for a period of six years shall be disposed of.