Section 75 — Secured Transactions Act

(1)

For the purposes of this Act, there is a surplus when the net proceeds recovered on disposition of the collateral under this Part exceeds the amount owed by the debtor to the secured party.

(2)

If the secured party has retained the collateral pursuant to section 77 or sold the collateral under section 70, as the case may be, the secured party shall pay the following persons the amount of any surplus in the following order —

(a)

any person who has a subordinate security interest perfected by registration, in the order of the priority;

(b)

any other person who has given the secured party notice that that person claims an interest in the collateral; and

(c)

the debtor.

(3)

In subsection (1), “net proceeds” means net proceeds of the sale after deducting the reasonable costs and expenses of the secured party of, and incidental to, taking possession of, holding, storing, repairing, maintaining, valuing, and preparing the sale of, and selling, the collateral.