Section 280 Investments and Securities Act

Section 280 of the Investments and Securities Act 2025 is about Rights of survivorship. It is under Part XVI (Issuance of Securities) of the Act. It provides as follows:

(1) Notwithstanding anything to the contrary contained in any other law, or enactment —
(a) when a promissory note is payable to two or more persons jointly and any or all die, the note shall be payable to a survivor of the deceased person; and

(b) where a promissory note is payable to two or more persons severally, and any or all die, the note shall be payable to a survivor of the deceased person or to the representative of the deceased or to any of them.

(2) Nothing contained in this section shall affect any claim which any representative of a deceased person may have against a survivor under or in respect of any promissory note to which subsection (1) applies.