Singapore legislation
Clause 45
Clause 45
Application of proceeds
(1)
The proceeds of a sale under subsections (1) and (2) of section 43 shall be applied in the first place in satisfaction of the arrears together with interest thereon at the rate of six per cent per annum and costs.
(2)
In the event of there being any surplus remaining the Director shall, if satisfied as to the right of any person claiming the surplus, pay the amount thereof to that person or, if not so satisfied, shall hold the amount in trust for the person who may ultimately succeed in due course of law in establishing his title thereto.
(3)
If no title is established to the surplus within a period of five years from the date of the sale, it shall be paid into the Consolidated Fund.