Queensland Consolidated Acts

LAND ACT 1994 - SECT 76

76 Sale of trust assets

(1) The liquidator must sell all the trust property and apply the proceeds of the sale towards payment of—

(a) firstly, the costs and expenses of the winding up; and

(b) secondly, the amount owing to any mortgagee (other than a mortgagee under section 70 ) or, if more than 1 mortgagee, according to their priorities; and

Note—

Section 70 is about how a mortgagee in possession can sell a deed of grant in trust.

(c) thirdly, the debts and obligations of the trust.

(2) If an amount remains, the liquidator must pay the amount to the State for disposal as the Minister considers appropriate.