Regulation 23 Operating client accounts
Subject to paragraph (2) an executry practitioner shall credit a client account only with clients' money and shall, promptly upon discovery, withdraw from it any other money.
Where an executry practitioner receives a cheque or a banker’s draft that includes clients' money as well as other money, the executry practitioner shall–
credit the appropriate client account with the full amount of the cheque or draft; and
as soon as reasonably practicable thereafter, withdraw from that account a sum equal to the amount of the cheque or draft that did not represent clients' money.
Subject to paragraph (2), an executry practitioner may withdraw by cheque or transfer clients' money from a client account only–
with the written consent of that client; or
in payment of that executry practitioner’s fees for providing executry services to that client provided that–
an itemised bill has been delivered to the client; and
the client, having been informed in writing that the money is to be withdrawn or transferred for this purpose, has made no objection within a reasonable time of being so informed.
Subject to paragraph (5), an executry practitioner shall not cause or permit any client account to become overdrawn and, in the event of a client account becoming overdrawn, shall immediately upon discovery take all such proper steps as are necessary to clear the overdraft.
Paragraph (4) shall not apply where an overdraft is necessary to allow inheritance tax charged under the Inheritance Tax Act 1984f1 to be paid prior to the realisation of the executry estate.
Where the money has been withdrawn from a client account wrongfully, an executry practitioner shall promptly upon discovery credit the account with the amount of the withdrawal together with any interest due thereon in terms of regulation 22(9).
Annotations
Footnotes
- f1
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1984 c. 51. The citation of this Act has been amended by section 100(1)(a) of the Finance Act 1986 (c. 41).