Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 33A

33A Charge over retention amounts held in retention trust

(1) This section applies if, under section 32 , a retention trust is required for a retention amount withheld from payment under a contract.

(2) In addition to the retention trust, the retention amount is also subject to a charge in favour of the contracted party for securing the release of the amount when the party becomes entitled to the amount.

(3) However, if and when the contracting party becomes entitled to be paid part of the retention amount under the contract, the charge is released over that part of the retention amount.

(4) The contracted party may enforce the charge as if the charge had been given to it under a written agreement between it and the contracting party.

(5) An act done to defeat, or purporting to operate so as to defeat, the charge is of no effect against the contracted party.

(6) The charge is declared to be a statutory interest to which the Personal Property Securities Act 2009 (Cwlth) , section 73 (2) applies.