Real Property (Insurance Money Application) Act (NT)

NORTHERN TERRITORY OF AUSTRALIA

REAL PROPERTY (INSURANCE MONEY APPLICATION) ACT

As in force at 23 December 1974

TABLE OF PROVISIONS

Section

1. Short title

2. Interpretation

3. Commencement

4. Application of insurance money

Notes

Real Property (Insurance Money Application)

NORTHERN TERRITORY OF AUSTRALIA

____________________________

REAL PROPERTY (INSURANCE MONEY APPLICATION) ACT
____________________________

NOTE - THIS REPRINT SHOWS THE ACT AS IN FORCE AT 1 AUGUST 1984.  ANY AMENDMENTS THAT MAY COME INTO OPERATION AFTER THAT DATE ARE NOT INCLUDED.

____________________________

An Act to provide for the application of
Insurance Money on the Completion of
Sale or Exchange of Property

1. SHORT TITLE

This Act may be cited as the Real Property (Insurance Money Application) Act.  (See back note 1)

1. INTERPRETATION

(1)  In this Act, unless the contrary intention appears -

"completion" in relation to an option to purchase means completion of a sale on the option being exercised;

"property" includes any thing in action and any interest in real or personal property;

"sale" includes an option to purchase.

(2)  In this Act "sale or exchange" includes a sale or exchange by an order of a court as if -

(a)for a reference to "vendor" there were sub-stituted a reference to "person bound by a court order";

(b)for a reference to "completion of the sale or exchange" there were substituted a reference to "payment of the purchase or equality money (if any) into court"; and

(c)for a reference to "date of contract" there were substituted "time when a contract becomes binding".

1. COMMENCEMENT

This Act shall be deemed to have come into operation on 23 December 1974.

1. APPLICATION OF INSURANCE MONEY

(1)  Where after the date of a contract whether entered into before or after the commencement of this Act for the sale or exchange of property money becomes payable under a policy of insurance maintained by the vendor in respect of damage to or destruction of property included in the contract, the money shall, on completion of the contract, be held or receivable by the vendor on behalf of the purchaser and paid by the vendor to the purchaser on completion of the sale or exchange, or so soon thereafter as the money shall be received by the vendor.

(2)  Subsection (1) has effect subject to the payment by the purchaser of the proportionate part of the premium from the date of the contract.

___________________________

Notes

1.   Ordinance No. 7, 1975 was assented to on 12 March 1975 and was deemed to have come into operation on 23 December 1974.

___________________________
_________________