Victorian Current Acts

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Application of proceeds of sale

    (1)     If a motor vehicle, item or thing is sold under a disposal order, the proceeds of the sale are to be applied in the following order of priority—

        (a)     to pay the costs of the disposal;

        (b)     to pay any costs of impoundment or immobilisation;

S. 84ZX(1)(c) amended by No. 76/2010 s. 38.

        (c)     to discharge any security interest over the motor vehicle, including a bank loan or lease arrangement, that existed immediately before the disposal order was made.

    (2)     Any sum remaining after the proceeds of the sale are applied in accordance with subsection (1) is taken to be unclaimed money under the Unclaimed Money Act 2008 as if it were a sum of money legally payable to the person who was the owner of the vehicle immediately before the disposal order was made and as if the sum has remained unpaid for more than 12 months.

S. 84ZX(3) inserted by No. 74/2010 s. 36(2).

    (3)     Section 73(2) of the Personal Property Securities Act 2009 of the Commonwealth applies to an interest arising out of the operation of this Subdivision.

Pt 6A Div. 6 (Heading and s. 84ZY) inserted by No. 32/2011 s. 18.

Division 6—Inspection of impounded, immobilised or forfeited motor vehicles

S. 84ZY inserted by No. 32/2011 s. 18.

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