Western Australian Consolidated Acts

LAND ADMINISTRATION ACT 1997 - SECT 77

77 .         Application of purchase moneys arising from mortgagee sales

                The proceeds of a sale by a mortgagee in accordance with section 76 are to be applied —

            (a)         first, in payment of the amount referred to in section 75(4)(b)(i) or (ii) if payment of that amount has not already been made under section 76;

            (b)         second, in payment of any amount owed by the mortgagor under the mortgage;

            (c)         third, in payment of the expenses of and incidental to that sale;

            (d)         fourth, in payment of amounts outstanding in respect of all subsequent encumbrances in respect of the land concerned; and

            (e)         fifth, in payment of any remaining surplus to the beneficial holder of the freehold.