Precedence of provisional attachment secures depositor claims by prioritising attached assets and vesting them in the Competent Authority.

An order of provisional attachment by the Competent Authority has precedence for depositor claims over other attachments; attached money and property vest in the Competent Authority until the Designated Court orders otherwise. The Competent Authority must open a scheduled bank account for realised funds, refrain from utilising or disposing of attached assets except under Designated Court instructions, but may sell perishable items and apply proceeds as other attached property.

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