sec.51AAmounts in trust account unavailable for trustee’s debts

### sec.51A Amounts in trust account unavailable for trustee’s debts An amount paid, or required to be paid, into a trust account under this chapter can not be— used to recover a debt owed to a creditor of the trustee; or attached or taken in execution under a court order or process for the benefit of a creditor of the trustee. Subsection (1) — applies in relation to the trustee, whether in the capacity of trustee or otherwise; and ceases to apply to an amount once lawfully withdrawn from the trust account; and does not apply to the extent it would interfere with the right of a beneficiary under this Act. In this section— beneficiary , of a trust account, does not include a beneficiary who is also the trustee for the account. s 51A ins 2020 No. 24 s 63 (sec.51A-ssec.1) An amount paid, or required to be paid, into a trust account under this chapter can not be— used to recover a debt owed to a creditor of the trustee; or attached or taken in execution under a court order or process for the benefit of a creditor of the trustee. (sec.51A-ssec.2) Subsection (1) — applies in relation to the trustee, whether in the capacity of trustee or otherwise; and ceases to apply to an amount once lawfully withdrawn from the trust account; and does not apply to the extent it would interfere with the right of a beneficiary under this Act. (sec.51A-ssec.3) In this section— beneficiary , of a trust account, does not include a beneficiary who is also the trustee for the account. - (a) used to recover a debt owed to a creditor of the trustee; or - (b) attached or taken in execution under a court order or process for the benefit of a creditor of the trustee. - (a) applies in relation to the trustee, whether in the capacity of trustee or otherwise; and - (b) ceases to apply to an amount once lawfully withdrawn from the trust account; and - (c) does not apply to the extent it would interfere with the right of a beneficiary under this Act.