Section 20: Proceeds of sale; distribution
169 words·~1 min read·
/ma/part-iii/title-iv/chapter-255/20A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 20. If money is due to more than one person holding such lien and all parties interested have been summoned to appear, the claims of all shall be marshalled, and the court shall make such order as may be necessary to prevent the enforcement of a double lien for the same labor, materials, stores, storage, provisions or other articles, and to secure the rights of each. The proceeds from the sale of the vessel, after deducting all costs and expenses, shall be distributed among the several claimants according to the amount of their respective debts, except that, if such proceeds are insufficient to satisfy the liens of all, those who have liens for labor shall receive a percentage on their respective claims one third greater, as near as may be, than those who have liens for materials, stores, storage or other articles.
All proceeds of sales in excess of any liens thereon shall be placed in the Abandoned Vessel Trust Fund established in section 35GG of chapter 10.