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LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 129
Meaning of trust money
(1) For the purposes of this Law,
"trust money" is money entrusted to a law practice in the course of or in
connection with the provision of legal services by the law practice, and
includes-- (a) money received by the law practice on account of legal costs in
advance of providing the services; and
(b) controlled money received by the
law practice; and
(c) transit money received by the law practice; and
(d)
money received by the law practice, that is the subject of a power exercisable
by the law practice or an associate of the law practice, to deal with the
money for or on behalf of another person.
(2) However, the following money is
not trust money for the purposes of this Law-- (a) money received by a law
practice for legal services that have been provided and in respect of which a
bill has been given to the client;
(b) money entrusted to or held by a law
practice for or in connection with-- (i) a managed investment scheme; or
(ii)
mortgage financing;
undertaken by the law practice;
(c) money received by a
law practice for or in connection with a financial service it provides in
circumstances where the law practice or an associate of the law practice-- (i)
is required to hold an Australian financial services licence covering the
provision of the service; or
(ii) provides the financial service as a
representative of another person who carries on a financial services business;
(d) money received by a law practice for investment purposes unless-- (i) the
law practice received the money in the ordinary course of legal practice and
primarily in connection with the provision of legal services at the direction
of the client; and
(ii) the investment is or is to be made in the ordinary
course of legal practice and for the ancillary purpose of maintaining or
enhancing the value of the money or property;
(e) money determined under
section 152 not to be trust money;
(f) money declared by the Uniform Rules
not to be trust money.
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