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Professional Responsibility Full Notes

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Trust Accounting The requirement to deal with trust money and to maintain trust accounting records is an integral part of legal practice. Trust accounting is a simple form of bookkeeping used exclusively for trust transactions. It is the recording by a law practice of the receipt and payment of other people’s money, with all transactions being recorded in individual accounting records maintained for the person on whose behalf the money was received.

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233 Pages Complete Study Notes 1-2 Years old
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Topics this document covers:
Law Legal professions Legal ethics Equity Common law Practice of law Trust money Trust law Lawyer Fiduciary Solicitor Barrister
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Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

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Topics this document covers:
Law Legal professions Legal ethics Equity Common law Practice of law Trust money Trust law Lawyer Fiduciary Solicitor Barrister
Sample Text:
2 ________________ Table of Contents 1.0 Trust Accounting ....................................................................................................................................... 6 1.1 The Legislative Regime ....................................................................................................................................... 6 1.2 Definitions and Purpose of Trust Accounts ................................................................................................. 7 1.3 What is and is not trust money ....................................................................................................................... 8 1.3.1 Trust Money Decision Tree ...................................................................
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