Section 75: Proceeds of sale

The costs awarded by a court and arising out of the arrest and subsequent sale of a ship proceeds of sale and the distribution of the proceeds shall first be paid out of the proceeds of the sale and the balance shall be distributed among the holders of:
(a) maritime liens under section 67 of this Act;
(b) preferential rights under section 70 of this Act; and
(c)
mortgages and other preferential rights registered under this part of this Act, in accordance with the provisions of this part of this Act and to the extent necessary to satisfy the claims of the holders.