7 Apr 2011
WESTPAC BANKING CORPORATION AND ORS v THE COMMISSIONER OF INLAND REVENUE SC 83/2009
- Citation
- WESTPAC BANKING CORPORATION AND ORS v THE COMMISSIONER OF INLAND REVENUE SC 83/2009
- Court
- Supreme Court
The court held that for s 4(1)(e) of the Unclaimed Money Act 1971 'has become payable' includes sums that would be legally due if demanded; where the only contingency to liability is a demand/presentment, that contingency is disregarded for the Act's purpose and the money is treated as payable from the time the instrument is issued, so unpresented drafts and bank cheques become 'unclaimed money' after six years, affirming the Privy Council in Thomas Cook.