259Unclaimed trust money

259 Unclaimed trust money (1) If an amount of trust money held by a law practice becomes an unclaimed amount, the practice must pay the amount to the Territory, by paying it to the public trustee and guardian, not later than 1 month after the day the amount becomes an unclaimed amount. (2) An amount of trust money held by a law practice becomes an unclaimed amount if— (a) the amount has been held by the practice for a period of 6 years during which the practice has had no knowledge of the existence or address of the person on whose behalf the amount is held; or (b) the person on whose behalf the amount is held failed to accept payment of the amount when tendered. Note A person who claims to be entitled to an unclaimed amount that has been paid to the public trustee and guardian under this section may apply to the public trustee for payment of the amount (see Unclaimed Money Act 1950, pt 5).