138Holding, disbursing and accounting for trust money in general trust account

138 Holding, disbursing and accounting for trust money in general trust account

138 Holding, disbursing and accounting for trust money in general trust account

(1) Except as otherwise provided in this Part, a law practice must—

(a) hold trust money deposited in the law practice’s general trust account exclusively for the person on whose behalf it is received; and

(b) disburse the trust money only in accordance with a direction given by the person.

Civil penalty: 50 penalty units.

(2) Subsection (1) applies subject to an order of a court of competent jurisdiction or as authorised by law.

(3) The law practice must account for the trust money as required by the Uniform Rules.

Civil penalty: 50 penalty units.

Note

Jurisdictional legislation may provide for disbursement for the purpose of statutory deposit accounts.