(1) The proceeds of property realized under section 29M must be applied—
(a) first, in making any payment required to be made under section 29K;
(b) second, in payment or reimbursement of reasonable costs incurred in storing or insuring the property whilst detained and in realizing the property; and
(c) third, any balance after payments made under paragraphs (a) and (b) must be paid by the Court into the interest bearing account under section 49B(1).
(2) Where the sums realized under section 29M represents part of an item of property seized and detained, the reference under subsection (1)(b) is a reference to costs incurred in storing or insuring the whole of the item of property.
(Inserted by Act 18 of 2023)