South Australian Consolidated Acts South Australian Consolidated Acts19—Contractual rights relating to repayment of premiums
(1) Where a premium is
paid under a residence contract providing that it will be repaid in whole or
in part on the happening of a contingency and the contingency occurs, the
resident or a person claiming under the resident may recover the amount that
is repayable as a debt from the administering authority, for the time being,
of the retirement village.
(2) Proceedings will
not lie against the owner of land in a retirement village for the enforcement
of rights under subsection (1) unless—
(a) the
owner is a party to the contract under which the premium is repayable; or
(b) the
owner is the sole administering authority of the retirement village; or
(c) an
administering authority other than the owner has failed to satisfy a judgment
given for the enforcement of those rights.
(3) The rights of a
resident to repayment of a premium, or part of a premium, are a charge on land
in the retirement village other than—
(a) a
residence owned by a resident; or
(b)
common property in a community retirement village.
(4) Despite the
Real Property Act 1886 , the charge referred to above ranks in priority
to any other mortgage, charge or encumbrance over the land to which the charge
relates.
(5) The charge
referred to above can only be enforced—
(a) with
the approval of the Supreme Court; and
(b)
subject to any conditions to which the Supreme Court's approval is subject.
(6) If the Supreme
Court approves the enforcement of the charge it may, subject to the conditions
stipulated by the Court, be enforced in the same way as a mortgage registered
under the Real Property Act 1886 .