Western Australian Consolidated Acts Western Australian Consolidated Acts The money that is in
fact received by the mortgagee, arising from the sale, after discharge of
prior encumbrances to which the sale is not made subject (if any) shall be
held by him in trust to be applied by him —
(a)
firstly, in payment of all costs, charges and expenses properly incurred by
him as incident to the sale or any attempted sale, or otherwise; and
(b)
secondly, in discharge of the mortgage money, interest and costs, and other
money (if any) due under the mortgage,
and the residue of the
money so received shall be paid to the person entitled to the mortgaged
property, or authorised to give receipts for the proceeds of the sale thereof.