Queensland Consolidated Acts

CIVIL LIABILITY ACT 2003 - SECT 33K

33K Assets available to satisfy liability of nominee

(1) This section applies if an institution’s nominee has a liability under a judgment in, or settlement of, an abuse claim.

(2) If the nominee is the trustee of an associated trust of the institution, the nominee may satisfy the liability out of the assets of the trust and the assets of the institution.

(3) Otherwise, the nominee may satisfy the liability out of its assets and the assets of the institution.