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Section 51: Distribution of Assets Among Decree Holders

51.Distribution of assets

(1)Where assets are held by any court and more persons than one have, before the receipt of those assets by the court, lodged applications in court for the execution of decrees for the payment of money issued against the same judgment debtor and have not obtained satisfaction of the decrees, the assets, after deducting the costs of realisation, shall be distributed among the decree holders in accordance with the priorities of the lodging of their several applications; but where any property is sold subject to a mortgage or charge, the mortgagee or encumbrancer shall not be entitled to share in any surplus arising from that sale.

(2)Every application for execution of a decree shall, at the time of lodgment, be endorsed by the court, or by a duly authorised officer of the court, with a note of the day upon which and the hour at which the lodgment has been effected.

(3)Nothing in this section shall affect any right of the Government.

Plain English Summary

When a court holds assets and more than one decree holder has lodged execution applications against the same judgment debtor before the court received...

AI-generated, for reference only.

🔍Search Tips
  • • Search by keyword: "land", "tax", "arrest"
  • • Use exact phrases: "land commission"
  • • Enter citations: 45, 45(3)(a), 45:3:a
  • • Press / to search, Esc to close

Searching within Civil Procedure Act. Faster results.