Dealing with trust money – legal costs and unclaimed money
254 Dealing with trust money – legal costs and unclaimed money
A law practice may do any of the following, in relation to trust money held in a general trust account or controlled money account of the practice for a person:
exercise a lien, including a general retaining lien, for the amount of legal costs reasonably due and owing by the person to the practice;
withdraw money for payment to the practice's account for legal costs owing to the practice if the relevant procedures or requirements prescribed by this Act are complied with;
after deducting any legal costs properly owing to the practice, deal with the balance as an unclaimed amount under section 259.
Subsection (1) applies despite any other provision of this Part but has effect subject to Part 3.3.
This Act’s bill:Explanatory statementSecond reading speech
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