(1) Proceeds realised by the public trustee from the property or the disposal
of the property must be applied as follows—
(a) first, in payment of fees or
charges payable to the public trustee under section 223;
(b) second, in
payment of expenses incurred by the public trustee in disposing of the
property;
(c) third, in payment to the consolidated fund of the amount stated
in the order of the relevant court under section 219(1) ;
(d) fourth, if the
relevant court makes an order of a kind mentioned in section 219(3) (c) , in
payment of any remainder to the person specified by the relevant court;
(e)
fifth, in payment of any remainder to the person who appears to the public
trustee to be entitled to the remainder of the proceeds.
(2) For subsection
(1) , proceeds realised from the disposal of the property means the proceeds
that remain after all registered or statutory encumbrances over the property
have been discharged.
(3) The interest of the public trustee in the proceeds
realised from the property or the disposal of the property is declared to be a
statutory interest to which section 73(2) of the
Personal Property Securities Act 2009 (Cwlth) applies.
