DUTIES ACT 2000 - SECT 57E Change of financial institution

DUTIES ACT 2000 - SECT 57E

    (1)     This section applies if—

        (a)     a natural person and a financial institution enter into an arrangement described in section 57A, 57B, 57C or  57D; and

        (b)     the financial institution transfers its estate in fee simple in land to another financial institution ( the first transaction ) on the condition that the other financial institution transfer its interest in the land to the natural person in compliance with the terms of the relevant arrangement; and

        (c)     the other financial institution transfers its interest in the land to the natural person in compliance with the terms of the relevant arrangement ( the second transaction ).

    (2)     No duty is chargeable under this Chapter in respect of the first or second transaction.

S. 57F inserted by No. 71/2004 s. 17.