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429.   Distribution of proceeds of security

Revised Laws of Saint Lucia (2021)

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429.   Distribution of proceeds of security

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    (1)   Subject to sections 421, 422 and 425, the proceeds of any security or guarantee deposited with the High Court shall be distributed among the claimants in proportion to their established claims.

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    (2)   The High Court may stay any proceedings pending in any other court in relation to the same matter, and may proceed in such manner and subject to such rules as to the exclusion of any claimants who do not present their claims within a certain time, and as to payment of costs, as the High Court thinks just.

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    (3)   A lien or other right in respect of any ship or property shall not affect the proportions in which any amount is distributed amongst several claimants.

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    (4)   All sums paid for or on account of any loss or damage where the liability of owners is limited under the provisions of this Part, and all costs incurred in relation thereto may be brought into account pro rata among part owners of the same ship.

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    (5)   If, before the proceeds of the security or guarantee are distributed, the person liable, or his or her insurer, has settled the claim, such person shall, up to the amount he or she has paid, acquire by subrogation the rights which the person so compensated would have enjoyed under this Part.

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    (6)   In making any distribution in accordance with this section the High Court may if it thinks fit, postpone the distribution of such part of the amount to be distributed as it deems appropriate having regard to any other claims that are pending.

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