Definitions

Current

(1)

In this Division—

property includes—

(a)

any estate, share or interest in real or personal property;

(b)

any debt or thing in action;

(c)

any other right or interest, whether in possession or not—

but does not include any money;

required period means a period of 6 years commencing at the time the person entitled to the property became entitled to have the property transferred to them.

(2)

For the purposes of the definition of required period, in determining whether a person is entitled to have property transferred to them, no account is taken of whether or not—

(a)

the person is required by the terms of the trust to take any action by way of demand or otherwise to have the property transferred to them; or

(b)

there is or has been any shift in entitlement to the property accompanied by an arrangement or undertaking (whether enforceable or not) to pay the person if the person subsequently makes a claim.

This Act’s bill:Explanatory memorandum Second reading speech

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13 Definitions