Northern Territory Consolidated Acts Northern Territory Consolidated Acts4D. Surrender of property amounts to conveyance in certain circumstances
(1) A person surrenders property:
(a) if the person relinquishes, renounces or abandons the property; or
(b) if the person owns the property and it is cancelled, abrogated, forfeited or extinguished.
(2) A surrender of property is a conveyance of the property if:
(a) the surrender results in an accretion to the interest of someone (the conveyee ) in property to which the surrender relates; or
Example
The surrender of a reversionary interest, or an interest in remainder.
(b) the surrender removes a restriction on the right that someone (the conveyee ) has to use the property to which the surrender relates; or
Example
The surrender of a lease over property.
(c) the surrender enables someone (the conveyee ) to convey the property or substantially similar property to a third person.
Example
The surrender of a franchise arrangement.