Priority of payment of claims out of proceeds of sale

(1) The proceeds of a sale of mortgaged freehold, leasehold or other property under this Part shall be applied in payment of the following claims arising in respect of the land in the following order, (a) the taxed costs, charges and expenses of and incidental to obtaining the order for sale and for effecting the sale; (b) any Government debt due in respect of the freehold, leasehold or other property; (c) all taxes and rates due to the Government or to the Belize City Council or to any town council; 62 (d) all interest and other sums in the nature of interest payable on the principal money secured by the mortgage; (e) the principal money, or any balance thereof remaining unpaid and directed to be recovered by the order for sale. (2) If, after payment in full of the principal money or any balance thereof, any surplus proceeds of sale remain in the hands of the Registrar he shall, if there is any legal mortgage subject to which the freehold, leasehold or other property was sold, pay to the person entitled to such legal mortgage the whole or so much of such surplus proceeds as is sufficient to discharge any money thereby secured. (3) If, after payment in full of the principal money or any balance thereof, any surplus proceeds of the sale remain in the hands of the Registrar and there is no legal mortgage subject to which the freehold, leasehold or other property was sold, the Registrar shall pay such surplus proceeds to the person entitled to the mortgaged property at the date of the sale, or other person authorised to give receipts for the proceeds of the sale. sale.