120Duty of receiver

120 Duty of receiver

(1)  A receiver appointed in respect of the trust money of a property agent is to –

(a) take control of any trust money in the possession or under the control of the property agent; and

(b) gather in any other trust money.

(2)  The receiver is then to distribute the money to those entitled to it, as and when they become entitled to it, and in the meantime act as trustee of it in the same capacity as that in which the property agent was acting, and subject to the same obligations.