Western Australian Consolidated Acts Western Australian Consolidated Acts The owner of any land
may require an annuitant to surrender any annuity issuing out of or charged on
the land, and to discharge the land therefrom, on the following
conditions: —
(1) The owner shall
take out an originating summons returnable before a Judge in Chambers for an
order directing that the cash surrender value of such annuity be ascertained,
and that on payment of such value the annuity be redeemed and the land
discharged therefrom. Such summons shall be served in such manner and time and
on such persons as a Judge may direct.
(2) On the hearing of
such summons a Judge may dismiss the same, or fix the valuation, or direct the
same to be ascertained by the Master of the Court or an actuary, accountant,
or other qualified person, and may make such other order as to the Judge seems
meet. The value so fixed or ascertained shall be paid to such person or
persons, or into Court to abide further order, as the Judge may direct. Every
such order shall contain full particulars of the land affected.
(3) On payment of the
valuation so fixed or ascertained within the time and in manner directed in
the order, or any extension thereof, the annuity shall be redeemed, and upon
production to the Registrar of an office copy of such order, together with a
receipt from the person or persons to whom the valuation is payable, the
Registrar shall make an entry in the Register within the meaning of the
Transfer of Land Act 1893 stating the time at which it was made, and that
such annuity is discharged, and the land shall thereupon be freed and
discharged from the annuity.
(4) By consent of the
annuitant the Judge may direct the redemption of part only of the annuity or
the discharge (with or without redemption in whole or in part) of any of the
land subject to the annuity.
(5) To ensure the due
performance of the trusts under which the annuity was created the Judge in any
such order shall give directions for securing the investment of the amount of
such valuation and the application of the income thereof.
(6) A Judge in
Chambers may from time to time vary alter or amend any order heretofore or
hereafter made under this Act.
[Section 3 amended by No. 48 of 1944
s. 2; No. 81 of 1996 s. 153(1).]