(A) The trustee must apply the proceeds of the sale as follows:
(1) to the expenses of the sale, including compensation of the trustee and a reasonable fee by the person who conducted the sale, if applicable;
(2) to the amount owed set forth in the notice as required by Section 27-32-335;
(3) to all junior interest holders as their liens or interests may appear of record in the order of priority;
(4) the surplus, if any, to an obligor entitled to such surplus.
(B) In disposing of the proceeds of sale, the trustee may rely on the information provided in the public records as to the claims of junior interest holders and, in the event of a dispute or uncertainty over such claims, the trustee has the discretion to submit the matter to adjudication by court, by interpleader, or otherwise. All costs and fees, including attorney's fees and costs, of adjudication must be paid out of the proceeds of sale after payment of the amounts required to be paid by items (1) and (2) of subsection (A).
HISTORY: 2000 Act No. 262, Section 1.
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