sch.1-sec.394Funds etc. received by agents for sale

### sch.1-sec.394 Funds etc. received by agents for sale When a person receives, either alone or jointly with another person, any property from another on terms authorising or requiring the person to sell it or otherwise dispose of it, and requiring the person to pay or account for the proceeds of the property, or any part of such proceeds, or to deliver anything received in exchange for the property, to the person from whom it is received, or some other person, then the proceeds of the property, and anything so received in exchange for it, are deemed to be the property of the person from whom the property was so received, until they have been disposed of in accordance with the terms on which the property was received, unless it is a part of those terms that the proceeds (if any) shall form an item in a debtor and creditor account between the person and the person to whom the person is to pay them or account for them, and that the relation of debtor and creditor only shall exist between them in respect thereof.