Australian Capital Territory Consolidated Acts

LEGAL PROFESSION ACT 2006 - SECT 259

    (1)     If an amount of trust money held by a law practice becomes an unclaimed amount, the practice must pay the amount to the Territory, by paying it to the public trustee, not later than 1 month after the day the amount becomes an unclaimed amount.

    (2)     An amount of trust money held by a law practice becomes an "unclaimed amount" if—

        (a)     the amount has been held by the practice for a period of 6 years during which the practice has had no knowledge of the existence or address of the person on whose behalf the amount is held; or

        (b)     the person on whose behalf the amount is held failed to accept payment of the amount when tendered.

    (3)     A person who claims to be entitled to an unclaimed amount that has been paid to the public trustee may apply to a court for an order declaring that the person is entitled to the amount.

    (4)     The public trustee must pay a person an amount that was paid to the public trustee under subsection (1) if—

        (a)     the public trustee is satisfied that the person is entitled to the amount; or

        (b)     a court has declared that the person is entitled to the amount.