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SUCCESSION ACT 1981 - SECT 39C
Acquisition of shared home under election
39C Acquisition of shared home under election
(1) This section applies if a spouse (the
"resident" ) makes an election under section 39A to acquire an intestate’s
interest in a shared home at transfer value.
(2) On payment of the
transfer value adjusted on an equitable basis to apportion any outgoings paid
or payable, or rent or other amount received, that are ordinarily adjusted on
sale, the resident is entitled to transfer of the intestate’s interest.
(3)
However— (a) before payment of the transfer value, the transfer
documentation must be properly stamped under the Duties Act 2001 at the
resident’s expense; and
(b) the resident is not entitled to a discharge of
any mortgage, charge, encumbrance or lien over the intestate’s interest in
the shared home.
(3A) Subsection (3) (a) has effect despite the
Duties Act 2001 , section 17 (2) .
(4) At the resident’s option, money that
may at the time of transfer be distributed to the resident from the
deceased’s estate (whether under a will or on intestacy) may be set off to
reduce the amount of the transfer value.
(5) A resident may acquire an
intestate’s interest in a shared home under this section even if the
resident is a personal representative of the intestate.
(6) If production of
a document or other assistance by a person (other than the resident or
personal representative) is necessary to effect the acquisition, the person
must, at the personal representative’s request, give the assistance on
payment of the person’s reasonable costs and outlays by the personal
representative.
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