Victorian Current Acts Victorian Current Acts(1) A partner of an intestate who makes a partner's property election must apply to the Court for an acquisition authorisation order authorising that acquisition if the property forms part of a larger aggregate and—
(a) the acquisition could—
(i) substantially diminish the value of the remainder of the property; or
(ii) make the administration of the estate substantially more difficult; or
(b) the election is a kind requiring the Court to determine the partner's legal or equitable interest in the property and an application to determine that interest has not been heard and determined.
(2) An application for an acquisition authorisation order must be made within a reasonable time after the partner receives a copy of a valuation under section 70V(2).
(3) On an application under subsection (1), the Court—
(a) may grant an acquisition authorisation order authorising the partner of the intestate to acquire the property under the partner property election; and
(b) may impose any conditions that it considers just and equitable to address the matters referred to in that subsection, including determining the partner's legal or equitable interest in the property if not determined in another proceeding.
Note
See also section 24 of the Supreme Court Act 1986 in relation to costs.
(4) Without limiting the conditions that the Court may impose on an acquisition authorisation order, the Court may impose a condition that the partner pay compensation to the estate in addition to consideration for the property.
(5) The Court may refuse to make an acquisition authorisation order if it considers that the matters referred to in subsection (1) cannot be adequately addressed by making the order subject to conditions.
S. 70V inserted by No. 41/2017 s. 11.