Accumulated FS debt discharges earlier debts
12ZG Accumulated FS debt discharges earlier debts
Subject to subsection (2), an accumulated FS debt that a person incurs on 1 June in a year (the relevant date):
discharges, or discharges the unpaid part of:
any accumulated FS debt of the person that the person incurred on the immediately preceding 1 June; and
any FS debt that was incurred by the person on the relevant date; and
discharges the liability of the person to pay the amount outstanding immediately before the relevant date under the financial supplement contract in relation to which any FS debt referred to in subparagraph (a)(ii) was incurred.
For the purpose of applying sections 12ZF and 12ZFA, subsection (1) of this section is to be disregarded.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.