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LEGAL PROFESSION ACT 2007 - SECT 262B
When amount held for sale of lot or proposed lot may be paid
262B When amount held for sale of lot or proposed lot may be paid
(1) This section applies if the law practice considers that a person is
entitled to an amount mentioned in section 262A (1) (a) .
(2) The law
practice may give all persons having an interest in the amount a written
notice to the following effect— (a) the practice considers that a stated
person is entitled to the amount;
(b) the practice is authorised, under this
Act, to pay the amount to the stated person on or after a stated date (at
least 60 days after the notice is given) unless— (i) a proceeding disputing
the stated person’s entitlement to the amount is started and the practice is
advised of the start of the proceeding; or
(ii) all persons having an
interest in the amount authorise payment of the amount to the stated person
before the stated date.
(3) The practice may pay the amount to the stated
person if— (a) after the stated date, the law practice is unaware of the
start of a proceeding claiming an entitlement to the amount; or
(b) on or
before the stated date, the law practice receives written notice under
subsection (2) (b) (ii) authorising payment of the amount to the stated
person.
(4) The practice does not contravene section 249 by disbursing
trust money as provided under this section.
(5) The practice is not liable
civilly or under an administrative process in relation to the payment of the
amount as provided under this section if it is subsequently found that the
stated person was not entitled to the amount.
(6) To remove any doubt, it is
declared that this section— (a) provides a process for the payment of an
amount mentioned in section 262A (1) (a) ; and
(b) does not decide legal
entitlement to the amount or prevent a person legally entitled to the amount
recovering it from the person to whom it was paid.
(7) Nothing in this
section requires the practice to give notice under subsection (2) if the
practice decides to retain the amount until payment of the amount is
authorised by all persons having an interest in the amount or entitlement to
the amount is decided by the court.
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