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BUILDING AND CONSTRUCTION INDUSTRY SECURITY OF PAYMENT ACT 2002 - SECT 36 Priority of assignments

BUILDING AND CONSTRUCTION INDUSTRY SECURITY OF PAYMENT ACT 2002 - SECT 36

Priority of assignments

    (1)     The priority of assignments under this Division is to be determined by the order of service of notices of claim on the principal.

    (2)     All notices of claim in respect of debts owed by the same respondent that are served on the principal within the period of 7 days after the first notice of claim in respect of the respondent is served on the principal are taken to be served at the same time and, accordingly, take equal priority.

    (3)     Despite section 35, the principal is not to make any payment to a claimant who serves a notice of claim until that 7 day period has elapsed.

    (4)     If assignments take equal priority, the principal is to make the payments by distributing the money payable between the claimants who have equal priority pro rata in proportion to the amount of their respective certified debts.

    (5)     The principal must continue to make those payments to each claimant until whichever of the following first occurs—

        (a)     the principal receives a discharge notice, or discharge notices, indicating that each certified debt has been fully discharged; or

        (b)     the payments are no longer payable under the contract.