Sale of property

Finance199963 sections

Statutory text

(1) If, within fifteen days from the date of service of the notice of demand referred to in section 24, the defaulter does not pay the amount for which the distraint was effected, the distrainer may sell by auction the distrained property or such part thereof as may, in his opinion, be necessary to satisfy the demand together with the expenses of the distraint and the cost of the sale.
(2) A deduction of account of the costs of the sale shall be made from the proceeds of such sale at such rate as may be fixed by the Registrar from time to time.
(3) The expenses incurred on account of the distraint by the distrainer shall be deducted from the balance.
(4) The remainder, if any, shall be applied to the discharge of the amount for which the distraint was made.
(5) Surplus, if any, shall be delivered to the person whose property was distrained. The person shall also be given a receipt for the amount discharged from the proceeds of the sale.

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