LAWS108 Lecture Notes - Lecture 10: Keddies
16 May 2018
School
Course
Professor
LAWS108 Lecture
Week 10 – Costs & Trust Accounts
Duty to Account
NSW Barristers’ Rules
- Rule 13 A barrister must not, subject to rules 14 and 15
o a at as a pesos geeal aget o attoey i that pesos usiess o
dealings with others;
o (l) hold, invest or disburse any funds for any other person
What is trust money?
- otolled oey eas oey eeied o held y a la patie i espet of
which the law practice has a written direction to deposit the money in an account
(other than a general trust account) over which the law practice has or will have
exclusive control
- tasit oey eas oey eeied y a la patie sujet to istutios to
pay or deliver it to a third party, other than an associate of the law practice
Dealing with trust money
- 135 (1) A law practice must deal with trust money in accordance with this Law and
the Uniform Rules and not otherwise
- (2) Trust money held by a law practice may be dealt with only by the law practice or
an associate of the law practice
- 136 (1) A law practice that receives trust money to which this Part applies (other
than controlled money or transit money received in a form other than cash) must
maintain a general trust account in this jurisdiction
- (2) A law practice may maintain one or more general trust accounts in this
jurisdiction
Certain trust money to be deposited in general trust account
- 137 A law practice must deposit trust money (other than cash) into the law
paties geeal tust aout as soo as patiale after receiving it unless
o (a) The law practice has a written direction by a person legally entitled to
provide it to deal with the money otherwise than by depositing it in the
account; or
o (b) the money is controlled money or transit money; or
o (c) the money is the subject of a power given to the practice or an associate
of the practice to deal with the money for or on behalf of another person
Deficient in trust account
- A law practice, an Australian legal practitioner or any other person must not, without
reasonable excuse, cause
o (a) a deficiency in any trust account or trust ledger account; or
o (b) a failure to pay or deliver any trust money
Re a Practitioner [1941] SASR 48 at 51 per Murray CJ
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