sec.713Dealing with particular trust money and trust property

### sec.713 Dealing with particular trust money and trust property This section applies if, on 1 April in a year— a law practice has in its possession or under its control trust money or trust property of a person who, on that day is, and for 12 months immediately preceding that day was, absolutely entitled to the money or property; and the person, or another person legally entitled to receive the money or property, is not known to the practice or can not be found by the practice. Also, this section applies if, on 1 April in a year— a law practice has in its possession or under its control trust money or trust property for which the law practice can not, and could not for 2 years immediately preceding that day, determine who is legally entitled to receive the money or property; and the law practice considers legal proceedings are necessary to resolve who is legally entitled to receive the money or property; and the persons who may be, or claim to be, entitled to receive the money or property have not started legal proceedings to resolve the matter. The law practice must, by 1 June in the year, give to the public trustee a return about the trust money or trust property. Maximum penalty—50 penalty units. The return must— be signed by a principal or legal practitioner director of the law practice; and include full details of the trust money or trust property; and include details of any claim or lien of the law practice in relation to the money or property, including, for example, details of all costs, charges and expenses, if any, claimed by the practice in relation to the money or property; and include a statement of the reasons that the money or property is in the possession of or under the control of the practice; and include other information the public trustee reasonably requires about the money or property and the person who is, or the persons who may be, entitled to it. On receipt of a return under subsection (3) , the public trustee may, by signed notice given to the law practice, require the practice to transfer to the public trustee the trust money or trust property mentioned in the return within the period stated in the notice. On the giving of a notice under subsection (5) , any lien of the law practice claimed in relation to the trust money or trust property stops having effect. If a law practice does not comply with a requirement under subsection (5) , the public trustee may apply by motion to the Supreme Court for an order that the practice immediately transfer the trust money or trust property to the public trustee. An order under subsection (7) may be made in the absence of the law practice if the notice of motion has been duly served on the practice, or the court is satisfied that reasonable efforts have been made to serve the notice. If a law practice transfers trust money or trust property to the public trustee under this section— the practice is relieved from any further liability in relation to the money or property; and for trust money—the public trustee must place the money in the unclaimed moneys fund under the Public Trustee Act 1978 and deal with it as unclaimed money under that Act. In this section— transfer includes pay, assign and deliver. s 713 amd 2010 No. 42 s 138 sch (sec.713-ssec.1) This section applies if, on 1 April in a year— a law practice has in its possession or under its control trust money or trust property of a person who, on that day is, and for 12 months immediately preceding that day was, absolutely entitled to the money or property; and the person, or another person legally entitled to receive the money or property, is not known to the practice or can not be found by the practice. (sec.713-ssec.2) Also, this section applies if, on 1 April in a year— a law practice has in its possession or under its control trust money or trust property for which the law practice can not, and could not for 2 years immediately preceding that day, determine who is legally entitled to receive the money or property; and the law practice considers legal proceedings are necessary to resolve who is legally entitled to receive the money or property; and the persons who may be, or claim to be, entitled to receive the money or property have not started legal proceedings to resolve the matter. (sec.713-ssec.3) The law practice must, by 1 June in the year, give to the public trustee a return about the trust money or trust property. Maximum penalty—50 penalty units. (sec.713-ssec.4) The return must— be signed by a principal or legal practitioner director of the law practice; and include full details of the trust money or trust property; and include details of any claim or lien of the law practice in relation to the money or property, including, for example, details of all costs, charges and expenses, if any, claimed by the practice in relation to the money or property; and include a statement of the reasons that the money or property is in the possession of or under the control of the practice; and include other information the public trustee reasonably requires about the money or property and the person who is, or the persons who may be, entitled to it. (sec.713-ssec.5) On receipt of a return under subsection (3) , the public trustee may, by signed notice given to the law practice, require the practice to transfer to the public trustee the trust money or trust property mentioned in the return within the period stated in the notice. (sec.713-ssec.6) On the giving of a notice under subsection (5) , any lien of the law practice claimed in relation to the trust money or trust property stops having effect. (sec.713-ssec.7) If a law practice does not comply with a requirement under subsection (5) , the public trustee may apply by motion to the Supreme Court for an order that the practice immediately transfer the trust money or trust property to the public trustee. (sec.713-ssec.8) An order under subsection (7) may be made in the absence of the law practice if the notice of motion has been duly served on the practice, or the court is satisfied that reasonable efforts have been made to serve the notice. (sec.713-ssec.9) If a law practice transfers trust money or trust property to the public trustee under this section— the practice is relieved from any further liability in relation to the money or property; and for trust money—the public trustee must place the money in the unclaimed moneys fund under the Public Trustee Act 1978 and deal with it as unclaimed money under that Act. (sec.713-ssec.10) In this section— transfer includes pay, assign and deliver. - (a) a law practice has in its possession or under its control trust money or trust property of a person who, on that day is, and for 12 months immediately preceding that day was, absolutely entitled to the money or property; and - (b) the person, or another person legally entitled to receive the money or property, is not known to the practice or can not be found by the practice. - (a) a law practice has in its possession or under its control trust money or trust property for which the law practice can not, and could not for 2 years immediately preceding that day, determine who is legally entitled to receive the money or property; and - (b) the law practice considers legal proceedings are necessary to resolve who is legally entitled to receive the money or property; and - (c) the persons who may be, or claim to be, entitled to receive the money or property have not started legal proceedings to resolve the matter. - (a) be signed by a principal or legal practitioner director of the law practice; and - (b) include full details of the trust money or trust property; and - (c) include details of any claim or lien of the law practice in relation to the money or property, including, for example, details of all costs, charges and expenses, if any, claimed by the practice in relation to the money or property; and - (d) include a statement of the reasons that the money or property is in the possession of or under the control of the practice; and - (e) include other information the public trustee reasonably requires about the money or property and the person who is, or the persons who may be, entitled to it. - (a) the practice is relieved from any further liability in relation to the money or property; and - (b) for trust money—the public trustee must place the money in the unclaimed moneys fund under the Public Trustee Act 1978 and deal with it as unclaimed money under that Act.