Queensland Consolidated Acts

LEGAL PROFESSION ACT 2007 - SECT 262A

262A Application of div 2A

(1) This division applies if—

(a) a law practice holds an amount for the sale of a lot or proposed lot in the practice’s trust account; and

(b) before the amount is paid out under division 2 , the law practice becomes aware of a dispute, or considers a dispute may arise, between persons having an interest in the amount about entitlement to the amount.

Example of when a law practice may consider a dispute may arise—

A party to the contract does not take the required action to complete the contract and does not make contact with the other party or law practice to explicitly state a dispute has arisen.

(2) In subsection (1) —

"amount" includes part of the amount.

"lot" means land the boundaries of which are shown on a plan of survey—

(a) registered under the Land Act 1994 or Land Title Act 1994 ; or

(b) registered by the registrar of titles as provided under the South Bank Corporation Act 1989 .

"person" , having an interest in an amount for the sale of a proposed lot, does not include an entity acting for a person in relation to the sale or purchase of the proposed lot.

"proposed lot" means—

(a) a proposed lot within the meaning of the Land Sales Act 1984 ; or

(b) a proposed lot within the meaning of the Body Corporate and Community Management Act 1997 ; or

(c) land that will be shown as a lot on a building units plan or group titles plan registered under the Building Units and Group Titles Act 1980 ; or

Note—

See the Building Units and Group Titles Act 1980 , section 5A about the limited operation of that Act.

(d) a proposed lot within the meaning of the South Bank Corporation Act 1989 , section 97B .