Western Australian Current Acts

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32E .         Withdrawals from trust account

        (1)         A dealer shall not, without the prior written approval of the Commissioner, withdraw money paid into a trust account from the sale of a vehicle under a consignment agreement, except for the purpose of —

            (a)         paying an amount properly payable to —

                  (i)         the consignor of the vehicle concerned or a person authorised by him; or

                  (ii)         the holder of a security interest in the vehicle;


            (b)         satisfying a debt due to the dealer by the consignor for commission or other charges; or

            (c)         paying an amount that is authorised by the regulations to be paid.

        Penalty: $5 000.

        (2)         Except as otherwise provided by the regulations, money held in a trust account is not available for payment of the debts of a dealer or liable to be taken in execution under the order or process of a court.

        (3)         Nothing in this Division takes away or affects a lawful claim or lien that a person has against or on any money received from the sale of a vehicle under a consignment agreement.

        [Section 32E inserted: No. 4 of 2002 s. 57; amended: No. 58 of 2010 s. 50.]

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