59AUnidentified trust money

59A Unidentified trust money

(1) Section 59 also applies in relation to a payment by electronic funds transfer that is—

(a) received by an estate agent from a person whom the estate agent cannot identify for the purposes of keeping full and accurate accounting records; or

(b) received by an estate agent who cannot identify, for the purposes of keeping full and accurate accounting records, the person entitled to the payment.

S. 59A(2) amended by No. 44/2008 s. 109.

(2) If, at the end of a period of 12 months that started on the date of receiving a payment referred to in subsection (1), an estate agent has—

(a) not identified the person from whom he or she received the payment; or

(b) not identified the person entitled to the payment—

then despite section 59(1)(b), the payment must be dealt with as unclaimed money under the Unclaimed Money Act 2008.

S. 60 amended by No. 9500 s. 13, substituted by No. 29/1989 s. 16.