sec.97MAmounts paid under s 97L to be held in prescribed trust account

### sec.97M Amounts paid under s 97L to be held in prescribed trust account The person to whom the amount is paid must pay the amount directly to— if the contract or instrument states the amount is to be paid to either of the following recognised entities, the recognised entity— a law practice at its office in Queensland; a real estate agent; or if paragraph (a) does not apply, the public trustee. Maximum penalty—200 penalty units or 1 year’s imprisonment. An amount paid to a recognised entity mentioned in subsection (1) (a) or (b) must be— held by the recognised entity in a prescribed trust account; and dealt with by the recognised entity in accordance with this part and the law governing the operation of the entity’s prescribed trust account. Maximum penalty—200 penalty units or 1 year’s imprisonment. An amount paid to a law practice under this section is taken to be trust money under the Legal Profession Act 2007 , part 3.3 . s 97M ins 2014 No. 46 s 69 (sec.97M-ssec.1) The person to whom the amount is paid must pay the amount directly to— if the contract or instrument states the amount is to be paid to either of the following recognised entities, the recognised entity— a law practice at its office in Queensland; a real estate agent; or if paragraph (a) does not apply, the public trustee. Maximum penalty—200 penalty units or 1 year’s imprisonment. (sec.97M-ssec.2) An amount paid to a recognised entity mentioned in subsection (1) (a) or (b) must be— held by the recognised entity in a prescribed trust account; and dealt with by the recognised entity in accordance with this part and the law governing the operation of the entity’s prescribed trust account. Maximum penalty—200 penalty units or 1 year’s imprisonment. (sec.97M-ssec.3) An amount paid to a law practice under this section is taken to be trust money under the Legal Profession Act 2007 , part 3.3 . - (a) if the contract or instrument states the amount is to be paid to either of the following recognised entities, the recognised entity— (i) a law practice at its office in Queensland; (ii) a real estate agent; or - (i) a law practice at its office in Queensland; - (ii) a real estate agent; or - (b) if paragraph (a) does not apply, the public trustee. - (i) a law practice at its office in Queensland; - (ii) a real estate agent; or - (a) held by the recognised entity in a prescribed trust account; and - (b) dealt with by the recognised entity in accordance with this part and the law governing the operation of the entity’s prescribed trust account.