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Reword the following answer: Let's break down the response to each sub-question with a detailed explanation: 1. **Three Core Elements of Trust Money:** - **Received
Reword the following answer: Let's break down the response to each sub-question with a detailed explanation: 1. **Three Core Elements of Trust Money:** - **Received on Behalf of a Client or Third Party:** Trust money is any money that a lawyer receives in the course of legal practice on behalf of a client or a third party. This ensures that the funds are not for the lawyer's personal use. - **Held in a Separate Trust Account:** Trust money must be kept in a separate account specifically designated for trust funds. This separation is crucial to prevent the commingling of client funds with the lawyer's personal or business funds, ensuring that the client's money is protected. - **Used Only for the Intended Purpose:** The funds must be used strictly for the purpose for which they were entrusted. This means that the lawyer must follow the client's instructions regarding the use of the money, ensuring that it is not misappropriated. 2. **Section 137 of the LPUL - Types of Monies Treated Differently:** - **Controlled Money:** Money received by a lawyer that is subject to specific instructions from the client regarding its use. - **Transit Money:** Money that is temporarily held by a lawyer while it is being transferred to another party. - **Power Money:** Money that a lawyer has the authority to deal with under a power of attorney. - **Written Direction Money:** Money that is handled according to specific written directions from the client. 3. **Source Records for Each Type of Monies:** - **General Trust Monies:** - Trust account receipts: Document
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