C-53 - Act respecting bills of lading, receipts and transfers of property in stock

Section 42 Disposition versions

1984-07-03

42. The transferee shall allocate the proceeds of the sale to payment of the costs contemplated in section 41, payment of the claims having precedence over his rights up to the net proceeds of the sale, and payment of the debt and the accessory expenses.

Where there is a surplus of money after the allocation in the first paragraph, the transferee shall remit it to the transferor; where, on the other hand, the proceeds of the sale are insufficient to pay the costs, the debt and the accessory expenses, the transferee preserves a personal claim against the transferor for the remainder due to him and is subrogated, where such is the case, in all the rights of the persons to whom he paid claims pursuant to the first paragraph, up to the amounts paid.

1982, c. 55, s. 2.