85Defaults to which Uniform Law does not apply

#### 85 Defaults to which Uniform Law does not apply 85 Defaults to which Uniform Law does not apply > For the purposes of section 221(4) of the Uniform Law, Part 4.5 of that Law does not apply to a default of a law practice to the extent that the default occurs in relation to money or property that is entrusted to or held by the law practice for or in connection with— > > > (a) a financial service provided by the law practice or an associate of the law practice in circumstances where the law practice or associate is required to hold an Australian financial services licence covering the provision of the financial service, or > > > (b) a financial service provided by the law practice or an associate of the law practice in circumstances where the law practice or associate provides the service as an authorised representative of another person who carries on a financial services business, or > > > (c) investment purposes, whether on its own account or as an agent, unless— > > > > > (i) the money or property was entrusted to or held by the law practice in the ordinary course of legal practice and primarily in connection with the provision of legal services to or at the direction of the client, and > > > > > (ii) the investment is or is to be made in the ordinary course of legal practice and for the ancillary purpose of maintaining or enhancing the value of the money or property pending completion of the matter or further stages of the matter or pending payment or delivery of the money or property to or at the direction of the client, or > > > (d) a managed investment scheme, or mortgage financing, undertaken by the law practice.