70XTiming of transfer to partner

70X Timing of transfer to partner (1) If a partner makes a partner's property election to acquire property from an intestate's estate, the personal representative— (a) must transfer the interest to the partner— (i) within a reasonable time of receiving notice of the partner's property election under section 70S; or (ii) if section 70W(1)(b) applies, within a reasonable time of the partner paying the amount of the difference into the estate; or (iii) if an acquisition authorisation order is required, within a reasonable time after the order is made or such other time as the Court specifies in the order; and (b) in any event, must transfer the property before the distribution of the residuary estate. (2) Despite subsection (1), the personal representative must not transfer the interest to the partner if— (a) the partner's property election is of a kind that requires the Court to make an acquisition authorisation order and— (i) the acquisition authorisation order has been refused; or (ii) the application for an acquisition authorisation order has been withdrawn; or (iii) an application for an acquisition authorisation order has not been made; or (iv) an application for an acquisition authorisation order has been made but has not been determined; or (b) the partner has revoked the partner's property election. S. 70Y inserted by No. 41/2017 s. 11.