Western Australian Consolidated Acts Western Australian Consolidated Acts Subject to the
provisions of this Part as to the application of insurance money, the receiver
shall apply all money received by him as follows, namely —
(a) in
discharge of all rents, taxes, rates and outgoings whatever affecting the
mortgaged property;
(b) in
keeping down all annual sums or other payments, and the interest on all
principal sums, having priority to the mortgage in right whereof he is
receiver;
(c) in
payment of his commission, and of the premiums on fire, life or other
insurances (if any) properly payable under the mortgage deed or under this
Part, and the cost of executing necessary or proper repairs directed in
writing by the mortgagee;
(d) in
payment of the interest accruing due in respect of any principal sum due under
the mortgage; and
(e) in
or towards discharge of the principal money if so directed in writing by the
mortgagee,
and shall pay the
residue (if any) of the money received by him to the person who, but for the
possession of the receiver, would have been entitled to receive the income of
which he is appointed receiver, or who is otherwise entitled to the mortgaged
property.