Victorian Current Acts

BUILDING AND CONSTRUCTION INDUSTRY SECURITY OF PAYMENT ACT 2002 - SECT 28F

    (1)     On paying money into a designated trust account in accordance with section 28B, the respondent must give the claimant notice of that payment together with particulars identifying the account and the recognised financial institution with which the account is kept.

    (2)     Subject to subsection (3), money held in a designated trust account (including any interest accruing to that money) is taken to be held on the following trusts—

        (a)     to the extent to which the money is required to satisfy the claimant's entitlements, the money is to be applied in satisfaction of those entitlements;

        (b)     to the extent to which any of the money remains in the account after the claimant's entitlements have been fully satisfied, the money is to be paid to the respondent.

    (3)     If the respondent withdraws the adjudication review application in accordance with section 28K, any money held in a designated trust account (including any interest accruing to that money) is to be paid to the claimant.

    (4)     Subject to subsections (2) and (3), the regulations may make provision for or with respect to the establishment and operation of designated trust accounts.

    (5)     In this section, "claimant's entitlements", in relation to money held in a designated trust account, means the amount (if any) to which the claimant becomes entitled under a review determination.

S. 28G inserted by No. 42/2006 s. 28.