Queensland Consolidated Acts Queensland Consolidated Acts(1) Where an instrument, that is intended to bind a person (absolutely or conditionally) to purchase a proposed allotment, provides for the payment of money in respect of the purchase, all moneys the payment whereof the purchaser is bound to make in terms of the instrument, whether by way of deposit or otherwise, without becoming entitled in terms of the instrument to receive a registrable instrument of transfer in exchange therefor shall be paid directly to the public trustee constituted under the Public Trustee Act 1978 unless the parties to the instrument agree that such moneys shall be paid directly to—
(a) a law practice at its office in Queensland; or
(b) a real estate agent duly licensed under the Property Agents and Motor Dealers Act 2000; or
(c) a real estate agency in which a person licensed under the Property Agents and Motor Dealers Act 2000 as a real estate agent carries on the business of real estate agent;
specified in the instrument.
Maximum penalty—200 penalty units or 1 year's imprisonment.
(1A) Moneys paid to an individual, firm or agency under subsection (1), other than moneys paid to a law practice, must be held—
(a) in the case of an individual—by the individual in a trust account kept for the purposes of this Act by—
(i) the individual; or
(ii) the firm or agency of which the individual is a member; and
(b) in the case of a firm or agency—by the firm or agency in a trust account kept for the purposes of this Act by the firm or agency; and
(c) in the case of the public trustee—by the public trustee in a trust account kept for the purposes of this Act by the public trustee;
and dealt with by the individual, firm, agency, or public trustee in accordance with this part and the law governing the operation of the individual's, firm's, agency's or public trustee's trust account.
Maximum penalty—200 penalty units or 1 year's imprisonment.
(1B) Moneys paid to a law practice under subsection (1) must be held by the law practice in a trust account kept for the purposes of this Act by the practice and dealt with by the practice under this part and the law governing the operation of the practice's trust account.
Maximum penalty—200 penalty units or 1 year's imprisonment.
(2) Any provision of an instrument to which subsection (1) relates or of any other instrument made in connection with such an instrument that provides for money, referred to in that subsection, to be paid contrary to that subsection shall be void.
(3) Nothing in this section or section 12 shall be construed as requiring money, on payment of which, in terms of an instrument such as is first referred to in subsection (1), the purchaser becomes entitled in terms of the instrument to a registrable instrument of transfer in exchange therefor, to be paid to a person specified in subsection (1) as trustee.
(4) Moneys payable to a trustee pursuant to this part shall, if they are paid to a law practice, be deemed to be trust moneys under the Legal Profession Act 2007, part 3.3.
(5) In this section—
law practice means any of the following, within the meaning of the Legal Profession Act 2007, that has an office in Queensland—
(a) an Australian legal practitioner who is a sole practitioner but not a barrister under that Act;
(b) a law firm;
(c) an incorporated legal practice;
(d) a multi-disciplinary partnership.