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Solicitors Act 1974
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7(1)If the Society takes possession of any sum of money to which paragraph 6 [F1or 6A(3)] applies, the Society shall pay it into a special account in the name of the Society or of a person nominated on behalf of the Society, [F2or into a client account of a solicitor nominated on behalf of the society, and any such person or solicitor]shall hold that sum on trust to permit the Society to exercise in relation to it the powers conferred by this Part of this Schedule and subject thereto [F3and to rules under paragraph 6B] on trust for the persons beneficially entitled to it.E+W
(2)A bank [F4or other financial institution]at which a special account is kept shall be under no obligation to ascertain whether it is being dealt with properly.
Textual Amendments
F1Words in Sch. 1 para. 7(1) inserted (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 211, Sch. 16 para. 77(7)(a) (with ss. 29, 192, 193); S.I. 2009/503, art. 2(b)(i) (subject to art. 4)
F2Words substituted by Administration of Justice Act 1985 (c. 61, SIF 34), s. 8, Sch. 1 para. 13(5)(a)
F3Words in Sch. 1 para. 7(1) inserted (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 211, Sch. 16 para. 77(7)(b) (with ss. 29, 192, 193); S.I. 2009/503, art. 2(b)(i) (subject to art. 4)
F4Words inserted by Administration of Justice Act 1985 (c. 61, SIF 34), s. 8, Sch. 1 para. 13(5)(b)
Modifications etc. (not altering text)
C1Sch. 1 Pt. II paras. 5-16 extended (1.1.1992) by Administration of Justice Act 1985 (c. 61, SIF 34), s. 9, Sch. 2 paras. 32-35; S.I. 1991/2683, art. 2 (which extending provisions were amended (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 211, Sch. 16 paras. 119-123 (with ss. 29, 192, 193)); S.I. 2009/503, art. 2(b)(ii)
C2Sch. 1 Pt. II paras. 5–16 extended (with modifications) (14.10.1991) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), s. 89, Sch. 14 Pt. II para. 5; S.I. 1991/1883, art. 3, Sch.
C3Sch. 1 Pt. II modified by Administration of Justice Act 1985 (c. 61, SIF 34), Sch. 2 para. 14ZA(5)(as inserted (1.11.2015) by The Legal Services Act 2007 (The Law Society) (Modification of Functions) Order 2015 (S.I. 2015/401), art. 1(3), Sch. 1 para. 20(4))
C4Sch. 1 paras. 6-8 applied by (Administration of Justice Act 1985 (c. 61, SIF 34), Sch. 2 para. 32A (as inserted (1.11.2015) by The Legal Services Act 2007 (The Law Society) (Modification of Functions) Order 2015 (S.I. 2015/401), art. 1(3), Sch. 1 para. 20(15))
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