Document ID: chunk:federal_register_of_legislation:C2025C00135:section:200:p2
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 200 (pt 2/2)
Character Range: 359528–361505

policy given by the transferee is effective in spite of any trust or any right, equity or interest of another person;
 (g) the surrender of the policy by the transferee is effective in spite of any trust or any right, equity or interest of another person;
 (h) the life company, in respect of any dealing it has with the transferee, is not required or concerned to inquire as to the circumstances in which, or the consideration for which, the policy was assigned to the transferee or any previous transferee;
 (i) subject to section 202, the life company, in respect of any dealing it has with the transferee, is not affected by express, implied or constructive notice of any trust, right, equity or interest.
 (4) An assignment under this section does not:
 (a) make the transferee a member of the life company; or
 (b) deprive the transferor of membership of the company in respect of the policy;
except in accordance with the company's constitution.
 (5) This section does not:
 (a) impose on a person under 16 any liability to which he or she would not be subject apart from this section; or
 (b) confer on a person under 16 any power or capacity he or she would not have apart from this section; or
 (c) render effective a receipt, security or surrender given by a person under 16 if it would not be effective apart from this section.
 (6) The rights and liabilities under a policy are not merged or extinguished, either at law or in equity, merely because the policy is assigned, whether at law or in equity, to the life company that issued the policy.
 (7) A life company is not obliged to register an assignment under paragraph (2)(d) if the company is required or permitted, by another law of the Commonwealth, to refuse to register the assignment.
 (8) This section:
 (a) does not prejudice the effect in equity of an assignment of the rights of a person as owner of a policy that is made otherwise than under this section; and
 (b) has effect subject to section 203.