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Section 69 - Conveyancers Act 2006 - Holding, disbursing and accounting for trust money — Zoe

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Conveyancers Act 2006

69Holding, disbursing and accounting for trust money

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69 Holding, disbursing and accounting for trust money (1) A licensee must— (a) hold trust money deposited in a general trust account of the licensee exclusively for the person on whose behalf it is received; and (b) disburse the trust money only in accordance with a direction given by the person. (2) Subsection (1) applies subject to an order of a court of competent jurisdiction or as authorised by law. (3) A licensee must account for the trust money as required by the regulations.

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