16EProvisions in leases relating to security bonds

16E Provisions in leases relating to security bonds

16E Provisions in leases relating to security bonds

(1) No one (other than the Secretary) is, in respect of any period after the date that an amount of money equivalent to the amount of a security bond is deposited with the Secretary, entitled to receive interest in respect of the bond.

(2) (Repealed)

(3) If, but for this Part, a lessor or lessee would have a claim against a security bond under the terms and conditions of a lease for an amount that cannot be recovered under any other provision of those terms and conditions—

(a) the lessor may recover from the lessee as a debt an amount equivalent to the amount of the claim that the lessor would have had against that security bond, and

(b) the lessee may recover from the lessor as a debt an amount equivalent to the amount of the claim that the lessee would have had against that security bond.

s 16E: Ins 2005 No 90, Sch 1 [22]. Am 2017 No 2, Sch 1 [29] [36].