44
CurrentPart does not apply to security holder already exercising remedies
Part 8Financial liability protection
Division 2Which financial liabilities this Part applies to
44 Part does not apply to security holder already exercising remedies
This Part does not apply to a liability to make a payment under a financial arrangement if:
(a)
the liability is a liability of:
(i)
a member who renders defence service; or
(ii)
a dependant of a member who renders defence service; and
(b)
before the start day of the service, a court orders that a party to the financial arrangement may exercise all or any of the party’s remedies to enforce any security under the arrangement (including enter land if the security is land).
This Act’s bill:Explanatory memorandumSecond reading speech
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