70WHow price of property to be satisfied and effect on residuary estate

70W How price of property to be satisfied and effect on residuary estate (1) If a partner makes a partner's property election to acquire property from an intestate's estate, the price for which the partner acquires the property (being the valuation or other agreed amount under section 70P) is to be satisfied— (a) first from money to which the partner is entitled from the intestate's estate; and (b) if the money referred to in paragraph (a) is insufficient, from money paid by the partner to the estate on or before the date of transfer. (2) If a partner makes a partner's property election to acquire property from the intestate's estate— (a) the partner's share of the residuary estate must be reduced by the price of the property; and (b) if the price of the property is more than the amount of the partner's share of the residuary estate, the partner must pay the difference into the intestate's estate before whichever of the following occurs first— (i) the distribution of the residuary estate; (ii) the end of 12 months after making the partner's property election. S. 70X inserted by No. 41/2017 s. 11.