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Legal Practitioners Fidelity Fund (LPFF) clarifies Payment of Unclaimed and Unknown trust monies in accordance with Section 87(4) of the Legal Practice Act.
- 24 June 2020
- Accounting
- South African Accounting Academy
The requirements of section 87(4)(a) must not be applied retrospectively, in respect of deposits made prior to 1 November 2018, and for this reason, the trust account practices1 with financial period ending on or after 30 November 2020, will be required to comply with section 87(4)(a) requirements.
The LPFF also provides guidance on the Procedure to be followed for payment of unclaimed and unknown trust monies to the LPFF in accordance with section 87(4)(a) of the LPA, as well as the Procedure to be followed to claim a refund from the LPFF when the beneficiary of the unknown and unclaimed trust monies has been found.
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