71-1-316. Disposition of proceeds of sale.
71-1-316. Disposition of proceeds of sale. (1) The trustee shall apply the proceeds of the trustee's sale as follows:
(a) to the costs and expenses of exercising the power of sale and of the sale, including reasonable trustee's fees and attorney fees;
(b) to the obligation secured by the trust indenture;
(c) the surplus, if any, to the person or persons legally entitled to the surplus, or the trustee, in the trustee's discretion, may deposit the surplus with the clerk and recorder of the county in which the sale took place.
(2) Upon the deposit of the surplus, the trustee is discharged from all further responsibility for the surplus. The clerk and recorder shall deposit the surplus with the county treasurer. The county treasurer shall pay the surplus funds as provided in a written order from the district court.
History: En. Sec. 13, Ch. 177, L. 1963; R.C.M. 1947, 52-413; amd. Sec. 1, Ch. 158, L. 2007.