Queensland Consolidated Acts

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Effect of advance on joint account

93 Effect of advance on joint account

(1) Where—
(a) in a mortgage, or an obligation for payment of money, or a transfer of a mortgage or of such an obligation, the sum, or any part of the sum, advanced or owing is expressed to be advanced by or owing to more persons than 1 out of money, or as money, belonging to them on a joint account; or
(b) a mortgage, or such an obligation, or such a transfer is made to more persons than 1, jointly;
the mortgage money, or other money or money’s worth, for the time being due to those persons on the mortgage or obligation, shall, as between them, and the mortgagor or obligor, be deemed to be and remain money or money’s worth belonging to those persons on a joint account, and the receipt in writing of the survivors or last survivor of them, or of the personal representative of the last survivor, shall be a complete discharge for all money or money’s worth for the time being due, despite any notice to the payer of a severance of the joint account.
(2) This section applies if and so far as a contrary intention is not expressed in the mortgage, obligation, or transfer, and has effect subject to the terms of the mortgage, obligation, or transfer, and to the provisions contained in the mortgage, obligation or transfer.
(3) Where the Act (if any) under which the mortgage is registered provides for registration of a record of death or transmission by or upon death, this section shall have effect only upon such registration as is provided by that Act.
(4) This section applies only to mortgages made or obligations created after the commencement of this Act.

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