Singapore legislation
Section 44
Section 44
Application of proceeds
(1)
The proceeds of a sale under section 42(1) must be applied first in satisfaction of the sum due together with interest thereon at the rate of 9% per annum and costs.
(2)
In the event of there being any surplus remaining, the competent authority must —
(a)
if satisfied as to the right of any person claiming the surplus, pay the surplus to that person; or
(b)
if not so satisfied, hold the surplus in trust for the person who ultimately succeeds in due course of law in establishing the person’s title thereto.
(3)
If no title is established to that surplus at the end of 5 years after the date of the sale under section 42(1), the surplus must be paid into the Consolidated Fund.