137Certain trust money to be deposited in general trust account

137 Certain trust money to be deposited in general trust account

137 Certain trust money to be deposited in general trust account

A law practice must deposit trust money (other than cash) into the law practice’s general trust account as soon as practicable after receiving it unless—

(a) the law practice has a written direction by a person legally entitled to provide it to deal with the money otherwise than by depositing it in the account; or

(b) the money is controlled money or transit money; or

(c) the money is the subject of a power given to the practice or an associate of the practice to deal with the money for or on behalf of another person.

Civil penalty: 100 penalty units.

Note

Section 143 deals with trust money received in the form of cash.