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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10797
Experience:  Barrister 17 years experience
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Can a solicitor hold monies in his own client's account over

Customer Question

Can a solicitor hold monies in his own client's account over an 8 year time frame (and refuse to account for the interest on same) when under the terms of a contract the money was to be held on joint deposit recipt account
with an entirely different solicitor holding the chitty?
Submitted: 3 years ago.
Category: Law
Expert:  Buachaill replied 3 years ago.
Customer:

1. Firstly, a solicitor can only hold client monies according to the terms upon which these monies were given to him. Accordingly, if it was agreed that the monies were to be held on a joint deposit receipt account, then that it how they should be held. You can take a summary legal action against the solicitor to compel him to hold the monies according to the terms of the trust arrangement upon which they are going to be held. A solicitor is an officer of the court so the court has an inherent jurisdiction to order a solicitor to do what is required. Accordingly, you should get yourself a different solicitor and cause him to issue summary proceedings against this solicitor who is in default. Be aware that a solicitor no longer has to account to a client for interest on client monies held unless this has been agreed with the client. Given there has been a eight year lapse of time, you should also consider what should happen to the monies in future rather than leaving them still with the solicitor after eight years.

Customer : He refuses to hand the £200 k over
Customer : and further in my contract he was to account for the interest earned on joint deposit receipt with the other Sicitor holding the CHITTY (my solicitor) but my solicitor gave the money to the other Solicitor to hold
Customer:

2. That was a breach of the solicitor's retainer and you can sue him for it.

Customer:

3. Please RATE the Answer. I see you have asked 6 questions and have rated none of the answers to them. The Experts do not get paid their share of the money you have paid the website unless you RATE the Answer. So you might find your questions going unanswered as a result.

Customer : Does he not have to account to me for the interest as it states this in my contract and does he not have to get the best interest rate available instead of holding my money in HIS FIRMS CLIENT'S ACCOUNT?
Customer : How can he hold my money in HIS FIRMS CLIENT'S ACCOUNT instead of in the highest interest bearing account he can find and as per the terms of my contract on JOINT DEPOSIT RECEIPT
Buachaill and other Law Specialists are ready to help you
Customer: replied 3 years ago.

can you answer these 2 questions,Customer

I did leave a bonus :)

Expert:  Buachaill replied 3 years ago.
4. Firstly, he does have to account to you for the interest earned if this is what the agreement states. This would be at the current bank rate. Not at the best interest rate possible, as a solicitor is not taken to be a better than average investor of monies. Secondly, if the joint deposit receipt stated that the monies were to be held in the highest interest bearing account, then the situation is different. Here the solicitor would have a duty to invest wisely and will be taken to seek out a higher than average interest rate. Thanks again for the bonus.
Customer: replied 3 years ago.

<br/Customer i have rated EVERY SINGLE ANSWER AS AN EXCELLENT SERVICE AND HAVE GIVEN A BONUS !!!!!

What is happening?

Can i rate your answer twice in the same question????

Come back to me please, i want you to get paid as your answers are FANTASTIC !!!!!

Expert:  Buachaill replied 3 years ago.
5. I am afraid you can only rate an answer twice in the same question if I ask to provide you with additional services. But thank you very much for what you have given me. I am very grateful.
Expert:  Buachaill replied 3 years ago.
6. You can add a bonus per question if you wish. This is one way in which you can give twice for the same question.