Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 8

Receipt of consideration other than money

8. Receipt of consideration other than money



(1) Where a creditor, being a financial institution, or the agent of such a
creditor, receives a consideration, other than money, whether or not in
consideration of his having given credit to a person, whereby any debt or part
of a debt owing to the creditor is settled, satisfied, discharged or met, the
creditor or the agent, as the case may be, shall, when it receives the
consideration, be deemed, for the purposes of this Act, to have received an
amount of money equal to the amount of the debt or part of the debt that has
been settled, satisfied, discharged or met, and to have received that money at
the place where it receives the consideration.

(2) Subsection (1) does not apply to a receipt of consideration after 30 June
2001.