60. Application of proceeds of sale

(1) A mortgagee who has exercised a power of sale shall apply the money received from the sale —
(a) to discharge any prior registered interests to which the sale is not made subject; or
(b) by paying into Court a sum to satisfy the obligations under any prior registered interests.
(2) Subject to subsection (1), the mortgagee holds the money on trust —
(a) first, to pay all costs and expenses properly incurred in the sale or any attempted sale;
(b) second, to discharge the principal, interest, costs, and any other money and liability secured by the mortgage in such order as may be provided in the mortgage or, if no such order is provided, as the mortgagee may determine in its sole discretion;
(c) third, to pay later registered interests in the order of their priority; and
(d) fourth, to pay any residue to the person who appears from the Register to be entitled to the mortgaged property or to be authorised to give receipts for the proceeds of its sale.