56GAllocation of property etc. subject to encumbrances

56G Allocation of property etc. subject to encumbrances

Unless an allocation statement otherwise provides, if, under this Part, property and rights vest in Development Victoria or liabilities become liabilities of Development Victoria—

(a) the property and rights so vested are subject to the encumbrances (if any) to which they were subject immediately before vesting; and

(b) the rights to which the nominated agency was entitled in respect of those liabilities immediately before they ceased to be liabilities of that agency vest in Development Victoria.

S. 56H inserted by No. 10/2017 s. 19.