Section 76Part 5 — Dispositions
Application of purchase money
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76. The purchase money received by a chargee who has exercised his power of sale, after discharge of any prior incumbrances to which the sale is not made subject or after payment into court of a sum sufficient to meet any such prior incumbrances, shall be applied —
first, in payment of all costs and expenses properly incurred and incidental to the sale or any attempted sale;
secondly, in accordance with any express provision in the charge (as required by section 64) 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
thirdly, in payment of any subsequent charges in the order of their priority, Section 77 Registered Land Law Page 42 Revised as at 28th day of February, 2018 c 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.