Victorian Consolidated Legislation

Transport Accident Act 1986 - SECT 33D

Promissory notes

33D. Promissory notes



(1) The Commission may, at any time on or before the maturity date of a
promissory note, purchase a promissory note at a price not exceeding its face
value.

(2) Despite any rule of law or equity to the contrary, except in the case of
fraud, an assignment of the whole or any part of the right, title and interest
in a deposit with one of the Societies, executed by a person whose name
appears in the records of the Society as the holder of that deposit, to the
Treasurer or a person authorised by the Treasurer or to the Commission has
effect as an assignment to the Commission at law and in equity of any right,
title and interest in the whole or part of that deposit and any interest
payable on that deposit or part (as the case may be).

(3) Any knowledge of the Treasurer, a person authorised by the Treasurer, the
Commission or any person employed by or on behalf of the State of Victoria or
the Commission of any right, title or interest in a deposit to which
subsection (2) applies of any person other than the person executing an
assignment referred to in that subsection in respect of that deposit or any
interest payable on that deposit does not of itself constitute fraud.