Victorian Consolidated Legislation

Property Law Act 1958 - SECT 18

PART II THE GENERAL LAW OF PROPERTY AND CONVEYANCING

Definitions

18. Definitions



(1) In this Part unless inconsistent with the context or subject-matter-

bankruptcy includes insolvency and liquidation by arrangement and also any
other act or proceeding in law having under any law for the time being in
force effects or results similar to those of bankruptcy4;

building purposes includes the erecting and improving of and the adding to,
and the repairing of buildings; and a building lease is a lease for building
purposes or purposes connected therewith;

conveyance includes a mortgage, charge, lease, assent, vesting declaration,5
disclaimer, release, surrender, extinguishment and every other assurance of
property or of an interest therein by any instrument, except a will; convey
has a corresponding meaning;

disposition includes a conveyance and also a devise, bequest, or an
appointment of property contained in a will; and dispose of has a
corresponding meaning;

income includes rents and profits;

incumbrance includes a legal or equitable mortgage and a trust for securing
money, and a lien, and a charge of a portion, annuity, or other capital or
annual sum; and incumbrancer has a meaning corresponding with that of
incumbrance, and includes every person entitled to the benefit of an
incumbrance, or to require payment or discharge thereof;

instrument includes deed and will but does not include a statute, unless the
statute creates a settlement;

land includes land of any tenure, and mines and minerals whether or not held
apart from the surface, buildings or parts of buildings (whether the division
is horizontal, vertical or made in any other way) and other corporeal
hereditaments; also a rent and other incorporeal hereditaments,6 and an
easement, right, privilege, or benefit in, over, or derived from the land and
also an undivided share in land; and mines and minerals include any strata or
seam of minerals or substances in or under any land, and powers of working and
getting the same;

limitation includes a trust;

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mining lease means a lease for mining purposes, that is the searching for,
winning, working, getting, making merchantable, carrying away, or disposing of
mines and minerals, or purposes connected therewith, and includes a grant or
licence for mining purposes;

mortgage includes any charge or lien on any property for securing money or
money's worth; mortgage money means money or money's worth secured by a
mortgage; mortgagor includes any person from time to time deriving title under
the original mortgagor or entitled to redeem a mortgage according to his
estate interest or right in the mortgaged property; mortgagee includes any
person from time to time deriving title under the original mortgagee; and
mortgagee in possession is, for the purposes of this Act, a mortgagee who, in
right of the mortgage, has entered into and is in possession of the mortgaged
property; and right of redemption includes an option to repurchase only if the
option in effect creates a right of redemption;

notice includes constructive notice;

personal representative means the executor, original or by representation, or
administrator for the time being of a deceased person;

possession includes receipt of rents and profits or the right to receive the
same (if any);

property includes any thing in action, and any interest in real or personal
property;

purchaser means a purchaser in good faith for valuable consideration and
includes a lessee, mortgagee or other person who for valuable consideration
acquires an interest in property except that where so expressly provided
purchaser means a person only who acquires an interest in or charge on
property for money or money's worth; and where the context so requires
purchaser includes an intending purchaser; purchase has a meaning
corresponding with that of purchaser; and valuable consideration includes
marriage but does not include a nominal consideration in money;

registered land means land registered under the Transfer of Land Act 1958; and
registrar means Registrar of Titles under that Act;

rent includes a rent service or a rentcharge, or other rent toll, duty,
royalty, or annual or periodical payment in money or money's worth, reserved
or issuing out of or charged upon land, but does not include mortgage
interest; rentcharge includes a fee farm rent; fine includes a premium or
foregift and any payment consideration, or benefit in the nature of a fine,
premium or foregift; lessor includes an under-lessor and a person deriving
title under a lessor or under-lessor; and lessee includes an under-lessee and
a person deriving title under a lessee or under-lessee, and lease includes an
under-lease or other tenancy;

sale means a sale properly so called;

securities include stocks, funds and shares;

tenant for life statutory owner settled land settlement capital money term of
years absolute and trustees of the settlement have the same meaning as in the
Settled Land Act 1958;

trustee company means a trustee company under the Trustee Companies Act 1958;

trust for sale, in relation to land, means an immediate binding trust for
sale, whether or not exercisable at the request or with the consent of any
person, and with or without a power at discretion to postpone the sale;
trustees for sale means the persons (including a personal representative)
holding land on trust for sale; and power to postpone a sale means power to
postpone in the exercise of a discretion;

will includes codicil and every other testamentary disposition.

(2) Subject to the savings mentioned in section two of this Act this Part
shall except where otherwise expressly provided apply to and in respect of
instruments whether made or coming into operation
before or after the commencement of this Act.