{"id":2011,"date":"2019-03-26T10:42:36","date_gmt":"2019-03-26T08:42:36","guid":{"rendered":"http:\/\/stbb.co.za\/dev2\/?p=2011"},"modified":"2019-11-04T11:23:20","modified_gmt":"2019-11-04T09:23:20","slug":"interest-on-deposit-in-attorney-trust-account","status":"publish","type":"post","link":"https:\/\/stbb.co.za\/dev2\/interest-on-deposit-in-attorney-trust-account\/","title":{"rendered":"Thought of the Week | Interest On Deposit In Attorney Trust Account"},"content":{"rendered":"<p>With effect from 1 March 2019, interest earned on moneys invested by your attorney in a designated trust account, must be dealt with in accordance with section 86(4) of the Legal Practice Act.<\/p>\n<p>This section provides that the attorney firm must pay 5% of the interest earned to the Legal Practitioners Fidelity Fund.<\/p>\n<p>As agreements for the sale of immovable property often have a provision requiring the purchaser to pay the deposit to the conveyancing firm&#8217;s trust account, to be invested for the benefit of the purchaser, this new provision will impact on such deposits.<\/p>\n<p>Contact your\u00a0<a href=\"mailto:info@stbb.co.za\/dev2?subject=Interest%20On%20Deposit%20In%20Attorney%20Trust%20Account%20%7C%20STBB%20Thought%20of%20the%20Week\" target=\"_blank\" rel=\"noopener noreferrer\">STBB<\/a>\u00a0conveyancer for assistance on how to reflect this new provision in your sale agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With effect from 1 March 2019, interest earned on moneys invested by your attorney in a designated trust account, must be dealt with in accordance with section 86(4) of the Legal Practice Act. This section provides that the attorney firm<\/p>\n","protected":false},"author":55,"featured_media":3190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":["post-2011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thought-of-the-week"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Thought of the Week | Interest On Deposit In Attorney Trust Account - STBB<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/stbb.co.za\/dev2\/interest-on-deposit-in-attorney-trust-account\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James Phillipson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/interest-on-deposit-in-attorney-trust-account\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/interest-on-deposit-in-attorney-trust-account\\\/\"},\"author\":{\"name\":\"James Phillipson\",\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/#\\\/schema\\\/person\\\/327cf8a03f6852482efce8440839ce62\"},\"headline\":\"Thought of the Week | Interest On Deposit In Attorney Trust Account\",\"datePublished\":\"2019-03-26T08:42:36+00:00\",\"dateModified\":\"2019-11-04T09:23:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/interest-on-deposit-in-attorney-trust-account\\\/\"},\"wordCount\":120,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/interest-on-deposit-in-attorney-trust-account\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/yoosun-won-6Lm3EcOXYGY-unsplash-1.jpg\",\"articleSection\":[\"Thought Of The Week\"],\"inLanguage\":\"en-ZA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/interest-on-deposit-in-attorney-trust-account\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/interest-on-deposit-in-attorney-trust-account\\\/\",\"url\":\"https:\\\/\\\/stbb.co.za\\\/dev2\\\/interest-on-deposit-in-attorney-trust-account\\\/\",\"name\":\"Thought of the Week | Interest On Deposit In Attorney Trust Account - 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