Victorian Current Acts

RETIREMENT VILLAGES ACT 1986 - SECT 31C

Proceeds of the sale of the land charged are to be applied in the following order—

        (a)     first, in payment of the costs incurred in—

              (i)     applying for and obtaining the order for enforcing the charge; and

              (ii)     selling the land charged; and

              (iii)     executing the order;

        (b)     secondly, in payment of encumbrances which rank before the charge in priority unless the sale is subject to those encumbrances;

        (c)     thirdly, in making the payments to the residents that the residents are entitled to be paid out of the proceeds of the sale of the land charged, having regard to the amount of each resident's refundable in-going contribution and the proportion which it bears to the total amount of refundable in-going contributions secured by the charge;

        (d)     fourthly, in payment of encumbrances which rank after the charge in priority;

        (e)     fifthly, in payments to the person who owned the land charged immediately before an order was applied for.

S. 31D inserted by No. 32/2020 s. 16.