New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 206

206 What is an advance?

In this Chapter,
"advance" means the provision or obtaining of funds by way of financial accommodation, by means of--

(a) a loan, being--

(i) an advance of money, or

(ii) the payment of money for or on account of, or on behalf of, or at the request of, any person, or

(iii) a forbearance to require the payment of money owing on any account whatever, or

(iv) any transaction (whatever its terms or form) that in substance effects a loan of money, or

(b) a bill facility, being one or more agreements, understandings or arrangements as a consequence of which a bill of exchange or promissory note--

(i) is drawn, accepted, endorsed or made, and

(ii) is held, negotiated or discounted to obtain funds,

whether or not the funds are obtained from the person who draws, accepts, endorses or makes the bill of exchange or promissory note and whether or not the funds are obtained from a person who is a party to any such agreement,