153When, how and where money is received

153 When, how and where money is received

153 When, how and where money is received

(1) For the purposes of this Law, a law practice receives money when—

(a) the law practice obtains possession or control of it directly; or

(b) the law practice obtains possession or control of it indirectly as a result of its delivery to an associate of the law practice; or

(c) the law practice, or an associate of the law practice (otherwise than in a private and personal capacity), is given a power or authority to deal with the money for or on behalf of another person.

(2) For the purposes of this Law, a law practice or associate is taken to have received money if the money is available to the law practice or associate by means of an instrument or other way of authorising an ADI to credit or debit an amount to an account with the ADI, including, for example, an electronic funds transfer, credit card transaction or telegraphic transfer.

(3) The Uniform Rules may determine or make provision for determining the jurisdiction in which a law practice receives trust money.