South Australian Current Acts South Australian Current Acts50—Application of proceeds of sale
The money which is in fact received by the mortgagee, arising from the sale,
after discharge of prior incumbrances to which the sale is not made subject
(if any) or after payment into court under this Act of a sum to meet any prior
incumbrance, shall be held by him in trust to be applied by him, first, in
payment of all costs, charges, and expenses properly incurred by him as
incident to the sale or any attempted sale, or otherwise; and secondly, in
discharge of the mortgage money, interest, and costs, and other money (if any)
due under the mortgage; and the residue of the money so received shall be paid
to the person entitled to the mortgaged property, or authorised to give
receipts for the proceeds of the sale thereof.