130Application of this Part to law practices and trust money

130 Application of this Part to law practices and trust money

130 Application of this Part to law practices and trust money

(1) This Part applies to a law practice in respect of the following trust money received by it—

(a) trust money received in this jurisdiction if the law practice has an office in this jurisdiction or has offices in no jurisdiction at all;

(b) trust money received in another jurisdiction if the law practice has an office in this jurisdiction and in no other jurisdiction;

(c) trust money received in another jurisdiction if—

(i) the law practice has offices in this jurisdiction and in one or more other jurisdictions but not in the jurisdiction in which the money was received; and

(ii) the law practice elects to have this Part apply to the money.

(2) This Part applies to a law practice only in connection with legal services provided by the law practice.

(3) The Uniform Rules may provide that specified provisions of this Part—

(a) do not apply; or

(b) apply with specified modifications—

to specified law practices or classes of law practices or to specified trust money or specified kinds of trust money, either generally or in specified circumstances or kinds of circumstances.

(4) The designated local regulatory authority may exempt a particular law practice from complying with any of the provisions of this Part, subject to any conditions that the designated local regulatory authority may impose.

(5) A reference in this section to having an office in a jurisdiction is a reference to having, or engaging in legal practice from, an office or business address in the jurisdiction.