75
In forceProtection of trust money
Part 5Trust money and trust accounts
Division 2Trust accounts and trust money
75 Protection of trust money
(1)
Money standing to the credit of a trust account maintained by a licensee is not available for the payment of debts of the licensee or any associate of the licensee.
(2)
Money standing to the credit of a trust account maintained by a licensee is not liable to be attached or taken in execution for satisfying a judgment against the licensee or any associate of the licensee.
(3)
This section does not apply to money to which a licensee or an associate of a licensee is entitled.
S. 76 amended by No. 17/2007 s. 25 (ILA s. 39B(1)).
This Act’s bill:Explanatory memorandumSecond reading speech
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.