Section 59.6 of the Law Society Act permits a lawyer or licensed paralegal who has heldmoney in trust for or on account of a person for at least two years toapply for permission to transfer the money to the Society if,
- the lawyer or licensed paralegal has been unable to locate the person entitled to the money despite having made reasonable efforts throughout a period of at least two years; or
- the lawyer or licensed paralegal is unable to determine who is entitled to the money.
The application procedure for transferring the money to the Societyis set out in By-Law10
A voice mail box has been set up to take calls from anyone who wantsmore information. The number is (416) 947-3312. Application forms areavailable above to download and complete.
How do I transfer the money to the Society?
The application procedure for transferring the money to the Society isset out in By-Law 10.
You must complete and file with the Society the licensee application form. Please ensure that the lawyer or paralegal who was responsible forthe trust funds/file signs the application. If that person cannot do so,another lawyer or licensed paralegal must sign the application. A separateapplication form must be completed and filed with the Society for eachfile or matter for which you seek permission to transfer money.If, in respect of one file or matter two or more persons are entitled tothe money, informationmust be provided for each person.
The application form will be reviewed by the Society. In some cases,the Society may contact you for clarification of informationincluded in the form.
Upon completion of the review, the Society will notify you whether permission to transfer the money to the Society has or has not beengranted.
If permission to transfer the money to the Society has been granted,you must,
- send to the Society a trust cheque, made payable to "The Law Society of Upper Canada, in Trust", in an amount equal to the amount of money for which you have received permission to transfer; and
- send to the Society copies of your financial records relating to the money which you have been permitted to transfer.
Permission to transfer the money to the Society will typically be subject to the condition that you inform the Society immediately once you obtain any new information relating to any person entitled to the money that was transferred to the Society.
What happens after I transfer the money to the Society?
Once the money has been transferred to the Society, yourliability as trustee or fiduciary with respect to the amount transferredis extinguished.
Pursuant to section 59.7 of the LawSociety Act, the Society will hold the money in trust for thepurpose of satisfying the claims of the persons who are entitled to themoney.
Each year, the Society will publish in The Ontario Gazette the nameand last known address (that the Society is aware of) of each personentitled to money that, during the previous year, was transferred to itby lawyers and paralegals. The Society is also obliged to take such steps as itconsiders appropriate to locate the persons entitled to the money heldin trust by the Society under section 59.7 of the Law Society Act. Inthis regard, the Society may, from time to time, contact lawyers and paralegals whohave transferred money to the Society to determine whether, sincetransferring the money, any new information has been learned about thelocation of any person entitled to the money transferred to the Societyor about who may be entitled to the money transferred to the Society.