(1) The proceeds of sale by auction or by agreement shall be applied as follows in the following order —
(a) the expenses of the sale;
(b) the Parking Authority detention fees, including fees for the performance of any duty connected therewith;
(c) the claims, in order of priority established by law, of any person who by order of the Court or the operation of the law is entitled to payment by the Parking Authority, out of the proceeds of the motor vehicle or trailer.
(2) Any surplus from the proceeds of sale shall upon demand, be paid to the registered owner of the motor vehicle or trailer.