Section 45 — Property Law Act 2007: Apportionments in respect of time

45 Apportionments in respect of time (1) This section applies to a periodical payment in respect of a fixed or ascertainable period (whether the payment is reserved or made payable under an instrument or not). (2) The payment must be regarded as accruing from day to day, and is apportionable in respect of time accordingly, as to both— (a) the liability to make the payment; and (b) the right to receive it. (3) Subsection (2) does not apply if a contrary intention is expressed in an instrument. Compare: 1952 No 51 s 145