4.5 Unclaimed Trust Funds Application
If you have been holding client trust funds on behalf of a person you have been unable to locate for two years, you may apply to the Executive Director to pay those funds to the Law Society under section 117(1) of the Legal Profession Act. If permission from the Executive Director is obtained, your liability to pay the money to the person on whose behalf it was held, or to that person’s legal representative, is extinguished when you pay the money to the Law Society. The Law Society is required to maintain the money as stipulated by the Act.
If the unclaimed funds exceed $50, the Long Form Undisbursable Trust Money requires you to specify the efforts you have made to locate the person and any unfulfilled undertakings in relation to the funds. For the purposes of the application, a “person” is defined in section 28(nn) of the Interpretation Act, RSA 2000, c.I-8 to include a corporation as well as heirs, executors, administrators, and the personal or other legal representatives of a person.