Paragraph 7
England and Wales
If the Council takes possession of any sum of money to which paragraph 6 applies, the Council shall pay it into a special account in the name of the Council or of a person nominated on behalf of the Council; and any such person shall hold that sum on trust to permit the Council to exercise in relation to it the powers conferred by this Part of this Schedule and subject thereto F1and to rules under paragraph 6B, on trust for the persons beneficially entitled to it.
A bank or other financial institution at which a special account is kept shall be under no obligation to ascertain whether it is being dealt with properly.
Annotations
Textual amendments
- F1
Words in Sch. 5 para. 7(1) inserted (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 182, 211, Sch. 17 para. 31(7), (with ss. 29, 192, 193); S.I. 2009/503, art. 2(c)(i)
Notes on Part II
Modifications
- C1
Powers conferred by Sch. 5 Pt. II (paras. 5-12) extended (1. 4. 1991 for certain purposes, otherwise 7.12.2004) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1),ss. 53, 59(1), Sch. 8 para.13(1)(2); S.I. 1991/608, art. 2, Sch; S.I. 2004/2950, art. 2(a)
- C2
Powers conferred by Sch. 5 Pt. II (paras. 5-12) restricted (1. 4. 1991 for certain purposes, otherwise 7.12.2004) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), ss. 53, 59(1), Sch. 8 para. 13(2); S.I. 1991/608, art. 2, Sch; S.I. 2004/2950, art. 2(a)