Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 9

Moneys deposited in account or transferred from one financial institution to another

9. Moneys deposited in account or transferred from one financial institution
to another



(1) Where a person (whether by means of a bill of exchange or otherwise)
deposits or causes to be deposited to the credit of an account kept by a
financial institution of that or any other person an amount of money, that
amount2-

   (a)  shall be deemed, for the purposes of this Act, to have been received
        by the financial institution-

   (i)  where it is to be credited to an account kept in Victoria-at the time
        it is so credited; and

   (ii) in any other case-at the time of the deposit; and

   (b)  where that other person is another financial institution, shall be
        deemed, for the purposes of this Act, to have been received by the
        other financial institution-

   (i)  where it is to be credited to an account kept in Victoria-at the time
        it is so credited; and

   (ii) in any other case-at the time the other financial institution receives
        notice of the making of the deposit.

(1A) If a financial institution credits or causes to be credited an amount of
money to an account of a person kept by it in Victoria, not being an amount
deposited by that person with the financial institution for the credit of the
account, that amount is deemed, for the purposes of this Act, to have been
received by the financial institution at the time it is so credited3.

(2) Where a financial institution, in accordance with the authority or order
of a person (not being an authority or order in a bill of exchange), debits
the account of that person with an amount of money and-

   (a)  transfers that amount to the credit of the financial institution;

   (b)  transfers that amount to the credit of an account of another person
        kept by the financial institution;

   (c)  transfers that amount to the credit of another account of that person
        kept by the financial institution; or

   (d)  transmits that amount to another financial institution for the credit
        of an account of a person kept by the other financial institution-

that amount shall, for the purposes of this Act-

   (e)  in a case to which paragraph (a) applies-be deemed to have been
        received by the financial institution to the credit of which the
        amount is transferred upon the amount being so transferred;

   (f)  in a case to which paragraph (b) applies-

   (i)  where the amount is to be credited to an account kept in Victoria-be
        deemed to have been received by the financial institution at the time
        when the amount is so credited and, in any other case, when the amount
        is transferred; and

   (ii) where the other person is a financial institution-be deemed to have
        been received by the other person when he first receives notice of the
        transfer;

   (g)  in a case to which paragraph (c) applies-

   (i)  be deemed to have been received by the financial institution, where
        the other account is kept in Victoria, when the amount is credited to
        the other account and, in any other case, when the amount is so
        transferred; and

   (ii) where that person is a financial institution-be deemed to have been
        received by that person when he first receives notice of the transfer;
        and

   (h)  in a case to which paragraph (d) applies-

   (i)  be deemed to have been received by the financial institution to which
        the amount is transmitted-where the account to which the amount is
        credited is kept in Victoria, when the amount is credited to that
        account and, in any other case, when the financial institution first
        receives notice of the transmission; and

   (ii) where that person is a financial institution-be deemed to have been
        received by the financial institution to the credit of whose account
        the amount is transmitted upon the financial institution first
        receiving notice of the transmission.

(3) This section does not apply to an amount deposited or credited to an
account, or transferred or transmitted to or for the credit of an account,
after 30 June 2001.