Victorian Consolidated Legislation

Credit Act 1984 - SECT 150

PART X GENERAL

Assignment of interests under wills etc.

150. Assignment of interests under wills etc.



(1) An assignment to a credit provider whether absolute or by way of security
or otherwise made by a natural person of or in respect of all or any part of
his right, title or interest, whether actual or expectant, in possession,
remainder or reversion or contingent, or of any nature whatsoever, in or under
any will, codicil or deed or in, under or to the estate of any deceased
person, whether the decease of that person was before or after the making of
the assignment or before or after the commencement of this section, shall not
be of any force or validity unless the assignment is in writing and was
executed by the person in the presence of a prescribed person and is certified
by a prescribed person as provided in subsection (2).

(2) The prescribed person shall read over and explain or cause to be read over
and explained in his presence to the assignor the assignment and shall examine
the assignor touching his knowledge of the assignment and if he thinks fit may
so examine him separately and apart from any other person and if he is
satisfied that the assignor understands the true purport and effect of the
assignment and freely and voluntarily executes it he shall certify in writing
upon the assignment that the assignment has been so read over and explained
and that he has examined the assignor and is satisfied as required by this
section and that the assignor has executed the assignment in his presence.

(3) This section does not apply to an assignment made only for the purpose of
vesting property in the person entitled to it under or by virtue of the
provisions of a will, codicil or deed or as a person entitled to property as
part of the estate of a deceased person, or to an assignment made by a person
to whom that property has been actually conveyed, assigned or transferred.

(4) An assignment executed in pursuance of this section shall not be impeached
upon any ground whatsoever except in the case of fraud or any kind of
imposition.

(5) In this section-

assignment means any assignment, assurance, sale, mortgage, lien, charge,
conveyance, transfer or declaration of trust, and any contract, agreement or
arrangement for assignment, assurance, sale, mortgage, lien, charge,
conveyance, transfer or declaration of trust, and any power of attorney,
appointment of agent, licence or power to receive or other authority of a like
nature;

deed means any instrument (other than a will or codicil) whether under seal or
not whereby any property is settled appointed given or declared to be held in
trust or is agreed to be settled appointed given or held in trust.