59Trust money

59 Trust money

S. 59(1) amended by Nos 86/1994 s. 47(zk), 17/2004 s. 10(1), 1/2010 s. 13(1).

(1) Every estate agent who as such (whether himself or by an employee or agent's representative) receives or holds any money on behalf of any person in respect of any transaction or who as such holds any money so received as a stakeholder or in trust pending the completion of any transaction—

S. 59(1)(a) amended by No. 29/1989 s. 15(a)(i).

(a) shall pay that money into a financial institution (but not into a branch of that financial institution for which the estate agent is responsible for the day to day operation) to a trust account in the name of the agent—

S. 59(1)(a)(i) amended by No. 11/2001 s. 3(Sch. item 24.3).

(i) if facilities of an authorised deposit-taking institution are available within sixteen kilometres of the place of business of the agent—before the end of the next business day after the day on which the money is received;

(ii) in any other case—before the end of the third business day after the day on which the money is received;

(b) shall retain that money in that trust account until paid—

S. 59(1)(b)(i) amended by Nos 29/1989 s. 15(a)(ii), 35/1996 s. 453(Sch. 1 item 28.3).

(i) to the persons entitled thereto (including, where the ownership of any chattels stock or book debts has been agreed to be transferred as part of the transaction, any person other than the parties to the transaction who has any right as mortgagee or lienee in any of such chattels stock or book debts) or such persons' legal practitioners or at such persons' direction;

S. 59(1)(b)(ii) repealed by No. 29/1989 s. 15(a)(ii).

S. 59(1)(c) amended by Nos 9500 s. 12(i)(ii), 86/1994 ss 32(1), 47(zl), 52/1998
s. 95.

(c) shall not withdraw or cause any payment to be made from any money paid into a trust account under this subsection unless the withdrawal or payment is made in the form of a trust account cheque or an electronic funds transfer or in such other form as the Director directs in a particular case.

1. 120 penalty units.

S. 59(2) amended by No. 9945 s. 3(1)(Sch. 1 item 17), repealed by No. 1/2010 s. 13(2).

S. 59(3) amended by Nos 10028 s. 33(a), 29/1989 s. 15(b).

(3) All money to be paid into a trust account under subsection (1) shall be kept in a separate current account in a financial institution.

(4) Subject to any obligations of the agent as a stakeholder or trustee money so paid into any trust account under this section shall not be available for the payment of any debt or claim of any person other than the persons entitled thereto or be liable to be attached or taken in execution under the order or process of any court at the instance of any such other person.