Consequences when land transfer agreement is terminated before wholly performed
42 Consequences when land transfer agreement is terminated before wholly performed
If a land transfer agreement is terminated before it is wholly performed, the liable person who was a party to the terminated land transfer agreement must pay the whole of the levy—
if the agreement is terminated before the end of the period of time within which the liable person would have been required to pay the levy under section 24, if not for the agreement—in accordance with that section; and
if the agreement is terminated after the period of time within which the liable person would have been required to pay the levy under section 24, if not for the agreement—by the end of the day after the day on which the agreement is terminated.
Notes
1 The failure to pay the levy in accordance with section 24 or by the end of the day after the day on which the agreement is terminated, as the case requires, is a levy default—see the definition of levy default in section 3.
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