Western Australian Current Acts

STAMP ACT 1921 - SECT 83

83 .         Meaning of “advance”

        (1)         An advance is the provision or obtaining of funds by way of financial accommodation by —

            (a)         a loan; or

            (b)         a bill facility that is one or more agreements, understandings or arrangements as a consequence of which a bill of exchange or promissory note —

                  (i)         is drawn, accepted, endorsed or made; or

                  (ii)         is held, negotiated or discounted.

        (2)         Subsection (1)(b) applies whether or not the funds are obtained from —

            (a)         the person who draws, accepts, endorses or makes the bill of exchange or promissory note; or

            (b)         a person who is a party to any of the agreements, understandings or arrangements.

        (3)         An advance includes a contingent liability under section 90.

        [Section 83 inserted: No. 66 of 2003 s. 79.]