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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 100D
Release of charge
100D Release of charge
(1) Subsection (2) applies if a charge has been registered over relevant
property under section 100B and either of the following events happen— (a)
the charge expires under section 100C ;
(b) the adjudicated amount, the
subject of the charge, is paid to the claimant.
(2) As soon as practicable
after the event happens, the claimant must, in the appropriate form, lodge a
request to release the charge over the relevant property with the registrar of
titles. Penalty— Maximum penalty—100 penalty units.
(3) On receipt
of the request, the registrar of titles must register the release of the
charge over the relevant property.
(4) If satisfied an event mentioned in
subsection (1) has happened and the claimant has failed to act under
subsection (2) , the registered owner of the relevant property may, in the
appropriate form, lodge a request to release the charge over the property with
the registrar of titles.
(5) The request of the respondent must include a
statutory declaration stating that— (a) the charge has expired under
section 100C ; or
(b) the adjudicated amount, the subject of the charge, has
been paid to the claimant.
(6) Also, if the charge expired under section 100C
(1) , the statutory declaration must also state that a search of court records
indicates that the claimant has not applied for an extension under
section 100C (2) .
(7) On receipt of the request, the registrar of titles
must register the release of the charge over the relevant property.
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