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Section 102 - Agents Act 2003 - What is trust money? — Zoe

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Agents Act 2003

102What is trust money?

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102 What is trust money? (1) For this Act, money is trust money if it is received–– (a) by a licensed property agent in relation to the business for which the agent is licensed on behalf of someone else; and (b) on the basis that the money is to be paid to the other person or as the other person directs. (2) However, money received by a licensed property agent as bond under the Leases (Commercial and Retail) Act 2001, part 7 (Bonds and guarantees) is not trust money for this Act.

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