(1)
This section and section 20 apply if a motor vehicle trader acts as an agent for another person (the principal) in the sale on consignment of a used motor vehicle.
(2)
If this section applies, the motor vehicle trader must pay to the principal all money received by the motor vehicle trader for the sale on consignment of the motor vehicle (less any fee or commission that the motor vehicle trader may lawfully charge for the sale)—
immediately on demand by the principal; or
if no demand is made, within 5 working days after the receipt of the money.
(3)
If, after reasonable inquiry, the principal cannot be found, the motor vehicle trader must pay the money to the principal as soon as the motor vehicle trader becomes aware of the principal’s whereabouts.
(4)
The duty of a motor vehicle trader under subsection (2) is subject to any written authority or instruction given to the motor vehicle trader by the principal.
(5)
The money referred to in this section—
is not available for payment of the debts of the motor vehicle trader; and
is not liable to be attached or taken in execution under the order or process of any court at the instance of any creditor; and
must not pass on the bankruptcy of the motor vehicle trader,—
in the case of a motor vehicle trader who is an individual, to the Official Assignee; or
in the case of a motor vehicle trader that is a company, to the liquidator of that company.
(6)
In this section and section 20, sale on consignment—
means the sale of a used motor vehicle that has been delivered into the custody of a motor vehicle trader for the purpose of sale; but
does not include a sale by auction of that motor vehicle.