New South Wales Consolidated Acts

LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 138

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.