Land and Agricultural Development Bank Act, 2002 (Act No. 15 of 2002)Part IV : Risk Management and other Operational Matters34. Application of balance of proceeds of sale |
| (1) | If the Bank has realised property or rights in accordance with section 33, the surplus of the proceeds of the realisation, if any, must, after payment of all costs incurred by the Bank in connection with the attachment and sale, be applied— |
| (a) | towards reducing or liquidating any amount owning in terms of any bond or other real right which ranks prior to the Bank‘s bond or real right; and |
| (b) | if any surplus remains, towards reducing or liquidating the amount owing to the Bank in respect of the advance, together with interest and costs in respect thereof; and |
| (c) | if any balance remains, as envisaged in subsection (3). |
| (2) | Any other creditor who holds a statutory preferential right over property of the debtor in terms of any other law ranks after the Bank’s preferential rights in terms of this Act. |
| (3) | Any surplus not paid in terms of subsection (1) must be paid to the debtor, but if there is any other person who in law is entitled to payment, the amount that he or she is entitled to must be paid to him or her, and the remainder of that surplus, if any, must then be paid to the debtor. |