(b) all or part of the commitment amount for the
payment commitment made for the relevant transfer agreement is not paid by the
date the amount (the
"outstanding liability" ) is payable.
Note—
For when tax must be paid, see
the Administration Act , section 30 .
(2) The outstanding liability is a
first charge on the transferee’s interest in the land that is the subject of
the ELN transfer.
(3) The charge has priority over all other encumbrances
over the transferee’s interest in the land.
(4) Subsection (3) applies—
(a) whether the other encumbrances over the transferee’s interest in the
land—
(i) are registered or unregistered; or
(ii) were created before or
after the charge arises under subsection (2) ; and
(5) The commissioner may
lodge, under the Administration Act , part 4 , division 5 , a request to
register the charge on the land that is the subject of the ELN transfer.
(6)
Despite section 47B of the Administration Act , the registrar must not
register the charge if the transferee is no longer the registered owner of the
land.
(7) On its registration, the charge is not affected by a disposition of
the transferee’s interest in the land.