sec.262AApplication of div 2A

### sec.262A Application of div 2A This division applies if— a law practice holds an amount for the sale of a lot or proposed lot in the practice’s trust account; and before the amount is paid out under division 2 , the law practice becomes aware of a dispute, or considers a dispute may arise, between persons having an interest in the amount about entitlement to the amount. A party to the contract does not take the required action to complete the contract and does not make contact with the other party or law practice to explicitly state a dispute has arisen. In subsection (1) — amount includes part of the amount. lot means land the boundaries of which are shown on a plan of survey— registered under the Land Act 1994 or Land Title Act 1994 ; or registered by the registrar of titles as provided under the South Bank Corporation Act 1989 . person , having an interest in an amount for the sale of a proposed lot, does not include an entity acting for a person in relation to the sale or purchase of the proposed lot. proposed lot means— a proposed lot within the meaning of the Land Sales Act 1984 ; or a proposed lot within the meaning of the Body Corporate and Community Management Act 1997 ; or land that will be shown as a lot on a building units plan or group titles plan registered under the Building Units and Group Titles Act 1980 ; or See the Building Units and Group Titles Act 1980 , section 5A about the limited operation of that Act. a proposed lot within the meaning of the South Bank Corporation Act 1989 , section 97B . s 262A ins 2014 No. 46 s 59 (sec.262A-ssec.1) This division applies if— a law practice holds an amount for the sale of a lot or proposed lot in the practice’s trust account; and before the amount is paid out under division 2 , the law practice becomes aware of a dispute, or considers a dispute may arise, between persons having an interest in the amount about entitlement to the amount. A party to the contract does not take the required action to complete the contract and does not make contact with the other party or law practice to explicitly state a dispute has arisen. (sec.262A-ssec.2) In subsection (1) — amount includes part of the amount. lot means land the boundaries of which are shown on a plan of survey— registered under the Land Act 1994 or Land Title Act 1994 ; or registered by the registrar of titles as provided under the South Bank Corporation Act 1989 . person , having an interest in an amount for the sale of a proposed lot, does not include an entity acting for a person in relation to the sale or purchase of the proposed lot. proposed lot means— a proposed lot within the meaning of the Land Sales Act 1984 ; or a proposed lot within the meaning of the Body Corporate and Community Management Act 1997 ; or land that will be shown as a lot on a building units plan or group titles plan registered under the Building Units and Group Titles Act 1980 ; or See the Building Units and Group Titles Act 1980 , section 5A about the limited operation of that Act. a proposed lot within the meaning of the South Bank Corporation Act 1989 , section 97B . - (a) a law practice holds an amount for the sale of a lot or proposed lot in the practice’s trust account; and - (b) before the amount is paid out under division 2 , the law practice becomes aware of a dispute, or considers a dispute may arise, between persons having an interest in the amount about entitlement to the amount. Example of when a law practice may consider a dispute may arise— A party to the contract does not take the required action to complete the contract and does not make contact with the other party or law practice to explicitly state a dispute has arisen. - (a) registered under the Land Act 1994 or Land Title Act 1994 ; or - (b) registered by the registrar of titles as provided under the South Bank Corporation Act 1989 . - (a) a proposed lot within the meaning of the Land Sales Act 1984 ; or - (b) a proposed lot within the meaning of the Body Corporate and Community Management Act 1997 ; or - (c) land that will be shown as a lot on a building units plan or group titles plan registered under the Building Units and Group Titles Act 1980 ; or Note— See the Building Units and Group Titles Act 1980 , section 5A about the limited operation of that Act. - (d) a proposed lot within the meaning of the South Bank Corporation Act 1989 , section 97B .