Victorian Consolidated Legislation

Conveyancers Act 2006 - SECT 74

Trust money received in the form of cash

74. Trust money received in the form of cash



(1) A licensee must deposit general trust money received in the form of cash
in a general trust account of the licensee concerned.

Penalty: 120 penalty units.

(2) If the licensee has a written direction by an appropriate person to deal
with general trust money received in the form of cash otherwise than by first
depositing it in a general trust account of the licensee-

   (a)  the money must nevertheless be deposited in a general trust account of
        the licensee in accordance with subsection (1); and

   (b)  the money is thereafter to be dealt with in accordance with any
        applicable terms of the direction so far as those terms are not
        inconsistent with paragraph (a).

(3) Controlled money received in the form of cash must be deposited in a
controlled money account in accordance with section 71.

(4) A licensee must deposit transit money received in the form of cash in a
general trust account of the licensee before the money is otherwise dealt with
in accordance with the instructions relating to the money.

Penalty: 120 penalty units.

(4A) A licensee must deposit trust money that is received in the form of cash
and is the subject of a power in a general trust account (or a controlled
money account in the case of controlled money) of the licensee before the
money is otherwise dealt with in accordance with the power.

Penalty: 120 penalty units.

(5) This section has effect despite anything to the contrary in a relevant
direction, instruction or power.





(6) In this section-

appropriate person, in relation to trust money, means a person who is legally
entitled to give the licensee concerned directions in respect of dealings with
the money; general trust money means trust money, other than-

   (a)  controlled money; and

   (b)  transit money; and

   (c)  money that is the subject of a power.