Section 48: Distribution of proceeds of sale

(1) A Creditor who has sold a Collateral, shall, before applying the amount realized from the sale towards the satisfaction of the debt or other obligation secured by the Security Interest, apply the proceeds of the sale towards the reasonable costs and expenses of the sale, and to the extent provided for in an agreement other reasonable expenses.
(2) The Creditor shall pay the following persons any surplus accrued from the sale in the following order:
(a) Creditors who have a subordinate Security Interest perfected by registration, in the order of their priority; and
(b) the Grantor.
(3) A Creditor may pay the surplus into the Court if there is a dispute as to who is entitled to receive payment pending a resolution of the matter.
(4) A Borrower remains liable for any outstanding financial liabilities.