49KCharge on property subject to restraining order

#### 49K Charge on property subject to restraining order (1) Where: (a) a recovery order is made against a defendant; and (b) a restraining order is, or has been, made against: (i) property of the defendant; or (ii) property of another person in relation to which an order is, or has been, made under subsection 53A(1); in reliance on the defendant’s conviction of a particular offence or a related corruption offence or on the charging, or proposed charging, of the defendant with a particular offence or a related corruption offence; then, upon the making of the later of the orders, there is created, by force of this section, a charge on the property to secure the payment of the amount specified in the recovery order to the Commonwealth or the relevant Commonwealth organisation, as the case requires. (2) A charge on property of a person ceases to have effect: (a) if the relevant recovery order ceases to have effect; or (b) upon payment to the Commonwealth, or the relevant Commonwealth organisation, of the amount specified in the order; or (c) upon the person becoming a bankrupt; or (d) upon the sale or other disposition of the property by the owner of the property with the consent of the court that made the recovery order; or (e) upon the sale of the property to a purchaser in good faith for sufficient consideration who, at the time of the purchase, has no notice of the charge; whichever first occurs. (3) A charge on property: (a) is subject to every encumbrance on the property that came into existence before the charge and that would, but for this subsection, have priority over the charge; and (b) has priority over all other encumbrances; and (c) subject to subsection (2), is not affected by any change of ownership of the property. (4) Where: (a) a charge is created on property of a particular kind; and (b) the provisions of any law of the Commonwealth or of a State or Territory provide for the registration of title to, or charges over, property of that kind; the DPP may cause the charge to be registered under the provisions of that law and, if the charge is so registered, a person who purchases, or otherwise acquires an interest in, the property after the registration is to be taken, for the purposes of paragraph (2)(e), to have notice of the charge at the time of the purchase or acquisition.