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← Property Tax Act 1960

Property Tax Act 1960 s 41

s 41 Application of proceeds

41.—(1) The proceeds of a sale under section 39(1) must be applied in the first place in satisfaction of the arrears together with interest thereon at such rate as may be prescribed and costs.[23/2010] (2) Where there is any surplus remaining thereafter, the Comptroller must, if satisfied as to the right of any person claiming the surplus, pay the amount thereof to the person or, if not so satisfied, must hold the amount in trust for the person who may ultimately succeed in due course of law in establishing the person’s title thereto. (3) If no title is established to such surplus within a period of 5 years from the date of the sale, it must be paid into the Consolidated Fund.

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Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.

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