120. Application of proceeds of sale.- (1) 1[In the case of any sale under section 118 or section (19A)], the moneys received from the sale shall be applied as follows:-
(a)in payment of the expenses of the sale;(b)in payment, according to their respective priorities, of the liens and claims excepted in section 111 from the priority of the liens of the Commissioners for tolls, rules and dues; and(c)in payment of the tolls, charges and expenses of landing, removing, storing or warehousing the same, and of all other charges due to the Commissioners under this Act in respect thereof.(2)Surplus of sale-proceeds to whom to be paid.- The surplus, if any, shall be paid to the importer, owner or consignee of the goods, or to his agent, on his applying for the same:Provided that such application be made within one year from the sale of the goods, or good reason be shown why such application was not so made to the satisfaction of the Commissioners; and in case such application shall not be so made, nor reason shown, such surplus shall be held by the Commissioners upon trust for the purposes of this Act.
