77Dealing with trust money: costs and unclaimed money

77 Dealing with trust money: costs and unclaimed money

(1) A licensee may do any of the following, in relation to trust money held in a general trust account or controlled money account for a person—

(a) exercise a lien, including a general retaining lien, for the amount of costs reasonably due and owing by the person to the licensee;

(b) withdraw money for payment to the licensee's account for costs owing to the licensee if the relevant procedures or requirements prescribed by this Act and the regulations are complied with;

(c) after deducting any costs properly owing to the licensee, deal with the balance as unclaimed money under the Unclaimed Moneys Act 1962.

(2) Subject to this section, subsection (1) applies despite any other provision of this Part.

(3) A lien referred to in subsection (1)(a)—

(a) may not be exercised for an amount in excess of the sum of the costs and unpaid disbursements; and

(b) may not be exercised unless—

(i) the licensee has disclosed to the client, in accordance with Division 1 of Part 4, the costs of the conveyancing work that the licensee has been carrying out, and is yet to carry out, for the client; or

(ii) if disclosure is not required to be made under Division 1 of Part 4, the licensee has served an invoice for those costs and disbursements on the client.