Unidentified trust money
59A Unidentified trust money
S. 59A inserted by No. 41/2003 s. 38.
Section 59 also applies in relation to a payment by electronic funds transfer that is—
received by an estate agent from a person whom the estate agent cannot identify for the purposes of keeping full and accurate accounting records; or
received by an estate agent who cannot identify, for the purposes of keeping full and accurate accounting records, the person entitled to the payment.
S. 59A(2) amended by No. 44/2008 s. 109.
If, at the end of a period of 12 months that started on the date of receiving a payment referred to in subsection (1), an estate agent has—
not identified the person from whom he or she received the payment; or
not identified the person entitled to the payment—
then despite section 59(1)(b), the payment must be dealt with as unclaimed money under the Unclaimed Money Act 2008.
This Act’s bill:Second reading speech
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