Victorian Consolidated Legislation

Land Act 1958 - SECT 97

Penalty interest for failure to pay money due under contract of sale

97. Penalty interest for failure to pay money due under contract of sale



(1) A purchaser of land under this Division who fails to pay any money due
under the contract of sale on the day it falls due shall pay in respect of the
amount due, for the period of default, interest at the same rate as the rate
of interest determined by the Minister under section 228.

(2) Nothing in subsection (1) affects the Minister's power to take any other
action under this Division.