Application of purchase money

The purchase money received by the chargee who has exercised his power of sale, after discharge of any prior encumbrances to which the sale is not made subject or after payment into court of a sum sufficient to meet any such prior encumbrances, shall be applied– (a) firstly, in payment of all costs and expenses properly incurred and incidental to the sale or any attempted sale; (b) secondly, in accordance with any express provision in the charge, as required by section 67, for disposing of such money and, in the absence of any such express provision, in discharge of the money due to the chargee at the date of the sale; and (c) thirdly, in payment of any subsequent charges in the order of their priority, and the residue of the money so received shall be paid to the person who immediately before the sale was entitled to redeem the charged land, lease or charge.