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.