Singapore legislation
Clause 55
Clause 55
Application of proceeds of sale
(1)
The proceeds of a sale under section 53(1) and (2) shall be applied in the first place in satisfaction of the arrears together with interest thereon at the prescribed rates and costs.
(2)
Where there is any surplus remaining, the Director shall —
(a)
if satisfied as to the right of any person claiming the surplus, pay the amount thereof to that person; or (b)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 5 years from the date of the sale, it shall be paid into the Consolidated Fund.