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Ethics Committee rulings: trust dilemma
Record ID:
69541
Format:
LIJ Article
Year:
2015
Source:
LIJ (2015) 89 No 12
Date_of_entry:
30/06/2017
Legislation:
Legal Profession Act 2004 (Vic) s 3.3.14
Legal Profession Uniform Law 2015 (Vic) s 138
Administration and Probate Act 1958 (Vic) s 15
Notes:
Family law (R4876: June 2015) ? Disbursing money held in trust account Section 3.3.14 of the Legal Profession Act 2004 ? now s138 of the Legal Profession Uniform Law 2015 (Vic) ? requires a law firm to hold trust money deposited in a general trust account exclusively for the person on whose behalf it is received and to disburse the money only in accordance with a direction given by the person. This statutory requirement is subject to an order of a court of competent jurisdiction. Wills and estates (R4878: July 2015) ? Release of original will to one of two executors A law firm that holds the last will of a deceased person in safe custody does so on behalf of all executors named in the will and cannot release the document without the authority of all of them. If there is disagreement between named executors, then, pursuant to s15 of the Administration and Probate Act 1958 any one or more of them may apply for an order requiring the will to be brought into court.
Section:
Practice
Month:
December


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