29Certified disposition to a minor

29 Certified disposition to a minor

29 Certified disposition to a minor

(1) Where a disposition of property is made to a minor for consideration and a certificate in respect of the disposition is given in accordance with this section, the disposition is presumptively binding on the minor.

(2) A certificate for the purposes of this section in respect of a disposition of property made to a minor for consideration must:

(a) be given before, but not more than seven days before, the making of the disposition, and

(b) be given:

(i) by a solicitor instructed and employed independently of any other party to the disposition, or

(ii) by the NSW Trustee and Guardian, and

(c) state that the person giving the certificate is satisfied that:

(i) the minor understands the true purport and effect in law of the disposition, and

(ii) the minor takes the disposition freely and voluntarily, and

(d) state that the person giving the certificate has received a written statement from an independent and appropriately qualified valuer or other financial adviser to the effect that the consideration for the disposition is not manifestly excessive, and

(e) have annexed to the certificate a copy of the written statement referred to in paragraph (d).

(3) Save to the extent to which, under Part 3 of the Sale of Goods Act 1923 or otherwise, a promise may operate as a disposition of property, this section does not make presumptively binding on a minor a promise by the minor which is the whole or part of the consideration for a disposition of property to the minor.

(4) Where the burden of, or arising under, a covenant or other promise runs with property so as to impose an obligation or restriction on a person to whom a disposition of the property is made in any manner or circumstances, this section does not make presumptively binding on a minor a disposition of that property made to the minor in that manner or those circumstances.

s 29: Am 2002 No 26, Sch 2.8 [3] [4]; 2009 No 49, Sch 2.38.