74ZCompensation payable in certain cases

74Z Compensation payable in certain cases

74Z Compensation payable in certain cases

(1) Any person who, without reasonable cause—

(a) lodges a priority notice, or

(b) refuses or fails to withdraw a priority notice after being requested to do so,

is liable to pay compensation to any person who sustains pecuniary loss that is attributable to the lodgment, refusal or failure.

(2) Such compensation is recoverable in proceedings taken in a court of competent jurisdiction by the person who claims to have sustained the pecuniary loss.

ss 74X–74Z: Ins 2015 No 23, Sch 1.5 [8].