Queensland Consolidated Acts

TORRES STRAIT ISLANDER LAND ACT 1991 - SECT 139

139 How lessor deals with proceeds of sale

(1) This section applies if, under section 138 , a lessor sells a mortgaged lease.

(2) The lessor must apply the proceeds of the sale, under the Property Law Act 1974 , as if the lease were sold by the mortgagee and the amount of the sale were received by the mortgagee.

(3) However, in applying the proceeds of the sale, the lessor must firstly apply the proceeds to the payment of all costs, charges and expenses properly incurred by the lessor for the sale or any attempted sale.