Unclaimed Trust Funds
Sometimes lawyers are unable to locate a client for whom money is being held in the firm’s trust account.
This can be for various reasons: for example, the client might have moved or changed a name or died.
After two years, the lawyer may apply to submit the unclaimed funds to the Law Society. The lawyer must outline the circumstances of the unclaimed funds and the receipt of the funds from the client, and the efforts made to locate the client.
The client has ten years in which to claim the trust funds from the Law Society, after which the Law Society will transfer the funds to the Law Foundation of PEI