(2) If the personal property is sold or
disposed of, the proceeds of sale or disposal must be applied in the following
order—
(a) in payment of the reasonable expenses incurred in selling or
disposing of the property;
(b) in payment of the prescribed fee for seizing
and holding the property;
(c) if there is an amount owing to an entity under
a security interest registered for the property under the
Personal Property Securities Act 2009 (Cwlth) —in payment of the amount
owing under the security interest;
(3) A secured party can not enforce any security interest in the
proceeds of sale or disposal against an entity to whom an amount is payable
under subsection (2) (a) or (b) .
