Queensland Consolidated Acts
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SECOND-HAND DEALERS AND PAWNBROKERS ACT 2003 - SECT 64
Proceeds of sale of property
64 Proceeds of sale of property
(1) A pawnbroker may deduct the following amounts from the proceeds of the
sale of property under section 63 — (a) the costs of selling the property;
(b) the total of the following amounts— (i) the advance made by the
pawnbroker on the security of the property;
(ii) the amount of interest the
pawnbroker would have received if the property was redeemed on the last day of
the redemption period for the property.
(1A) A pawnbroker’s interest under
subsection (1) in the proceeds of sale of the property— (a) is declared to
be a statutory interest to which section 73 (2) of the PPS Act applies; and
(b) has priority over all security interests in relation to the property.
(1B) Subsection (1) applies only to a security interest to which the PPS Act
does not apply.
(2) If the proceeds of the sale of the property are more than
the amounts deducted under subsection (1) , the pawnbroker must pay the
balance of the proceeds into a trust account maintained by the pawnbroker.
Penalty— Maximum penalty—200 penalty units.
(3) The balance of the
proceeds must be held in the trust account for the person who pawned the
property for 12 months after the property is sold. Penalty— Maximum
penalty—200 penalty units.
(4) If the balance of the proceeds is not
claimed by or for the person who pawned the property within 12 months after
the property is sold, the pawnbroker must give the balance to the public
trustee to be placed in the unclaimed moneys fund and dealt with as unclaimed
money. Penalty— Maximum penalty—200 penalty units.
(5) In this
section—
"PPS Act means" the Personal Property Securities Act 2009 (Cwlth) .
"security interest" has the meaning given by the PPS Act, section 12 .
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