6Terms used

##### 6. Terms used (1) In this Act, unless the context otherwise requires, — bank means — (a) an ADI (authorised deposit‑taking institution) as defined in section 5 of the *Banking Act 1959* of the Commonwealth; or (b) a bank constituted by a law of a State, a Territory or the Commonwealth; bankrupt includes insolvent; benefit, in relation to any person, includes insurance on the life of that person; contingent right, in relation to land, includes a contingent or executory interest and a possibility coupled with an interest, whether the object of the gift or limitation of the interest or possibility is or is not ascertained; and also a right of entry, whether immediate or future, and whether vested or contingent; conveyance, as applied to any person, includes the execution or doing by that person of every necessary or suitable assurance, act, and thing for conveying, transferring, assigning, appointing, surrendering or otherwise disposing of property; and to convey has a corresponding meaning; Court means the Supreme Court of Western Australia or a judge thereof; execute includes the doing of all acts and things necessary for a conveyance, and with reference to an instrument not under seal means sign, and derivatives of “execute” have corresponding meanings; income includes rents and profits other than profits that under any rule of law are in the nature of capital; instrument includes an Act of Parliament; land includes — (a) land of any tenure; and (b) mines and minerals, whether or not severed from the surface; and (c) buildings or parts of buildings, whether the division is horizontal, vertical or made in any other way; and (d) any other corporeal hereditament; and (e) a rent and other incorporeal hereditaments; and (f) an easement, right, privilege, share, interest or benefit in, over or derived from land; and, in this definition, mines and minerals includes any strata or seams or minerals or substances in or under any land, and powers of working or getting them and hereditament means real property that under an intestacy might at common law have devolved on an heir; lease includes a bailment; mortgagee includes every person having an estate or interest regarded at law or in equity as merely a security for money and every person deriving title to the mortgage under the original mortgagee; and mortgage has a corresponding meaning; payment, in relation to stocks and securities, includes the deposit or transfer of them; and to pay has a corresponding meaning; person includes a trustee corporation and a corporation sole, and also a body of persons, whether corporate or unincorporate; personal representative means the executor, original or by representation, or an administrator for the time being of the estate of a deceased person; possession includes receipt of income or the right to receive the income, if any; and possessed applies to receipt of income of and to any vested estate less than a life interest, at law or in equity, in possession or in expectancy in any land; property includes real and personal property and any estate, share, and interest in any property, real or personal, and any debt, and any thing in action, and any other right or interest, whether in possession or not; rent includes a rent service or a rent charge, or other rent, toll, duty, royalty or annual or periodic payment in money or money’s worth reserved or issuing out of or charged upon land, but does not include mortgage interest; right includes an estate or interest; sale includes an exchange; and to sell has a corresponding meaning; securities includes stock, funds, shares and promissory notes; and securities payable to bearer includes securities transferable by delivery or by delivery and endorsement; stock includes shares, and, so far as relates to vesting orders made by the Court under this Act, includes any fund, annuity or security transferable in books kept by any corporation or society, or by instrument of transfer, either alone or accompanied by other formalities, and any share or interest therein; transfer, in relation to stock or securities, includes the performance and execution of every deed, power of attorney, act, and thing on the part of the transferor to effect and complete the title in the transferee; trust does not include the duties incidental to an estate conveyed by way of mortgage, but with that exception ***trust*** extends to implied and constructive trusts, and to cases where the trustee has a beneficial interest in the trust property, and to the duties incidental to the office of a personal representative; and trustee has a corresponding meaning and includes a trustee corporation and every other corporation in which property subject to a trust is vested and every person who immediately before the commencement of this Act was a trustee of the settlement or in any way a trustee under the *Settled Land Act of 1892* 3 and, where the context admits, includes a personal representative; and new trustee includes an additional trustee; trustee corporation means the Public Trustee in and for Western Australia or any trustee company under the *Trustee Companies Act 1987*; trust for sale, in relation to land, means an immediate binding trust for sale, whether or not exercisable at the request or with the consent of any person, and with or without power at discretion to postpone the sale; and trustee for sale means the person (including a personal representative) holding land on trust for sale. (2) Any reference to the investment, loan or advance of trust money by a trustee on the security of property shall be construed to include a reference to such investment, loan or advance on the transfer of an existing security as well as on a new security. (3) For the purposes of this Act, a person shall be deemed to be under a disability while he is not of full age or of full mental capacity. [Section 6 amended: No. 84 of 1987 s. 5; No. 1 of 1997 s. 5; No. 26 of 1999 s. 108; No. 39 of 2011 s. 18.]