203Disposition of property as result of unlawful wager

203 Disposition of property as result of unlawful wager (1) Despite any Act relating to the registration of title to real or personal property, a disposition of property made, or an agreement to dispose of property entered into, by way of payment of or security for a debt as a consequence of an unlawful wager is of no effect. (2) Subsection (1) does not invalidate a disposition of property to a person if: (a) the disposition was for valuable consideration; and (b) the person was not a party to the agreement referred to in subsection (1); and (c) the person, at the time of the disposition, had no notice that the property was the subject of, or the whole or part of the consideration for, the agreement; and (d) the person acted in good faith.