Victorian Consolidated Legislation

Building and Construction Industry Security of Payment Act 2002 - SECT 28F

Designated trust account

28F. Designated trust account



(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.