Singapore legislation
Section 70K
Section 70K
Transfer of unclaimed client money to Fund
(1)
A solicitor or Singapore law practice may apply to pay into the Fund any money that is held by the solicitor or Singapore law practice for or on account of a client (except any money held in a trust account), if that solicitor or Singapore law practice —
intends to pay the money to the client; but(b)is unable to do so, despite making such reasonable efforts as the Society may require.
(2)
The Society may approve an application made under subsection (1), subject to any conditions imposed by the Society, if the solicitor or Singapore law practice making the application satisfies such requirements as may be prescribed under section 70N for the purposes of this subsection.
(3)
No action to recover any transferred unclaimed client money (or any interest, dividends and other accretions of capital arising from the investment of such money) may be brought, on or after the transfer date of the transferred unclaimed client money, against —
the Society; or
any wholly-owned subsidiary of the Society to which any money is transferred under section 70J(3)(b).
(4)
No action to recover any transferred unclaimed client money (or any interest, dividends and other accretions of capital arising from the investment of such money) may be brought, after the expiry of 6 years after the transfer date of the transferred unclaimed client money, against —
the solicitor or Singapore law practice that paid the transferred unclaimed client money into the Fund under subsection (1); or
any solicitor or Singapore law practice that held that money for or on account of a client at any time before that money was paid into the Fund.
(5)
To avoid doubt —
subsection (3) does not affect any limitation period that expires before the transfer date; and
subsection (4) does not affect any limitation period that expires before the limitation period under that subsection.
(6)
In this section, “client” includes, in addition to any person mentioned in the definition of “client” in section 2(1) —
a person for, or on behalf of, whom is held any money that was transferred, directly or indirectly to a solicitor or Singapore law practice from another solicitor or Singapore law practice; and
the estate or personal representative of a deceased client.