Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) a person has an account with a financial institution; and
(b) a court order in the nature of a garnishee order comes into force in respect of the account; and
(c) an education entry payment payable to the person (whether on the person's own behalf or not) has been paid to the credit of the account during the 4 - week period immediately before the court order came into force;
the court order does not apply to the saved amount (if any) in the account.
(2) The saved amount is worked out as follows:
Method statement
Step 1. Work out the amount of education entry payment paid to the credit of the account as mentioned in paragraph (1)(c).
Step 2. Subtract from that amount the total amount withdrawn from the account during the 4 - week period referred to in paragraph (1)(c): the result is the saved amount .
(3) This section applies to an account whether it is maintained by a person:
(a) alone; or
(b) jointly with another person; or
(c) in common with another person.
Note: A person affected by a garnishee order may have other saved amounts.