Section 12(4) of the Trust Accounts Act 1973 detailed the procedure to be followed in respect to disputed moneys. Is there a similar provision under the Legal Profession Act 2007?
Pursuant to s249 Legal Profession Act 2007 a law practice must disburse the trust money only under a direction given by the person on whose behalf it is held. Therefore if a dispute as to the ownership of funds held in your trust account arises the suggested approach to be taken is as follows: • If you believe that one of the parties is entitled to the money held in your trust account, issue a letter to the other party telling them that you propose to pay the money to that person upon the expiry of a stipulated period (say – 1 month) and if they wish to prevent you from doing that they should make an application to the court seeking an Order to prevent you from doing that. • If you are not sure who is entitled to the money you should advise both of them that you will continue to retain the money in your trust account until they both instruct you how to disburse the money (in writing) or an Order is made by the Court directing you how to disburse the money. • If there is no agreement (i
Related Questions
- Section 12(4) of the Trust Accounts Act 1973 detailed the procedure to be followed in respect to disputed moneys. Is there a similar provision under the Legal Profession Act 2007?
- What is the procedure to be followed to apply for cover under an Overseas Mediclaim policy?
- What is the procedure for submitting a Public Records Act request?
