PART III HOLDING OF CONVEYANCING MONEY
BY APPOINTED BANKS |
| Payment of conveyancing money into conveyancing account or conveyancing (CPF) account |
| 6.—(1) Subject to paragraphs (1A) and (2), any party to a conveyancing transaction may pay conveyancing money into a solicitor’s conveyancing account by cheque or bank draft made payable to the title of that account, or by electronic fund transfer or telegraphic transfer. [S 629/2011 wef 25/11/2011] [S 291/2022 wef 04/04/2022] | (1A) The Central Provident Fund Board and the Housing and Development Board may pay conveyancing money into a solicitor’s conveyancing account by inter-bank GIRO. [S 291/2022 wef 04/04/2022] |
| (2) The Central Provident Fund Board may pay conveyancing money withdrawn from the Central Provident Fund into a solicitor’s conveyancing (CPF) account by inter-bank GIRO. |
| (3) Subject to paragraph (4) and rule 11(2), every payment of conveyancing money into a solicitor’s conveyancing account shall be accompanied by a duly completed pay-in form that has been signed by any authorised signatory of the solicitor. |
| (4) Where any conveyancing money is paid into a solicitor’s conveyancing account by electronic fund transfer or telegraphic transfer, the solicitor shall, as soon as practicable, serve on the appointed bank with which the conveyancing account is maintained a duly completed pay-in form that has been signed by any authorised signatory of the solicitor. [S 629/2011 wef 25/11/2011] |
| (5) Subject to rule 11(2), every payment of conveyancing money into a solicitor’s conveyancing (CPF) account shall be accompanied by a written instruction from the Central Provident Fund Board, or by a duly completed pay-in form that has been signed by any authorised signatory of the solicitor, relating to the payment. |
| (6) Where any conveyancing money is paid into a solicitor’s conveyancing account in accordance with paragraph (3) or (4), or into a solicitor’s conveyancing (CPF) account in accordance with paragraph (5), the solicitor shall give written notice to the person identified in the pay-in form referred to in paragraph (3), (4) or (5), or in the written instruction referred to in paragraph (5), as the person who is authorised to countersign a pay-out form for the withdrawal of the conveyancing money, that the conveyancing money has been received. |
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| Payment of conveyancing money from conveyancing account or conveyancing (CPF) account |
7.—(1) Subject to paragraphs (6), (7) and (14) and rules 11(2), 12, 13 and 14, an appointed bank shall not pay any conveyancing money from a solicitor’s conveyancing account or conveyancing (CPF) account, unless the appointed bank —| (a) | receives a pay-out form or variation pay-out form for that payment, and complies with paragraph (12) in relation to that form; or | | (b) | receives an order of court authorising it to make payment in accordance with that order. |
| (2) A solicitor who wishes to withdraw, from his conveyancing account or conveyancing (CPF) account, any conveyancing money that is payable to a Category A payee shall serve on the appointed bank with which the conveyancing account or conveyancing (CPF) account is maintained a duly completed pay-out form for a Category A payee that has been signed by at least one authorised signatory of the solicitor. |
| (3) A solicitor who wishes to withdraw, from his conveyancing account or conveyancing (CPF) account, any conveyancing money that is payable to a Category B payee or Category C payee shall serve on the appointed bank with which the conveyancing account or conveyancing (CPF) account is maintained a duly completed pay-out form for a Category B payee or Category C payee that has been signed in accordance with the First Schedule. |
(4) Where an individual who acts in person is required to countersign a pay-out form or variation pay-out form to enable conveyancing money to be paid from a conveyancing account or conveyancing (CPF) account to any Category B payee or Category C payee, he shall do so —| (a) | in the presence of an authorised officer of the appointed bank at which the conveyancing account or conveyancing (CPF) account is maintained; or | | (b) | in such other manner as may be agreed between him and the appointed bank. |
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(5) Where an entity which acts in person is required to countersign a pay-out form or variation pay-out form to enable conveyancing money to be paid from a conveyancing account or conveyancing (CPF) account to any Category B payee or Category C payee, the pay-out form or variation pay-out form, as the case may be, shall be signed by an authorised signatory of the entity —| (a) | in the presence of an authorised officer of the appointed bank at which the conveyancing account or conveyancing (CPF) account is maintained; or | | (b) | in such other manner as may be agreed between the entity and the appointed bank. |
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(6) Where —| (a) | a conveyancing transaction consists of the redemption of an existing mortgage of, or the discharge of an existing charge on, any land, and the grant of a new mortgage of, or a new charge on, that land; | | (b) | the existing mortgagee, the new mortgagee and the mortgagor are represented by the same solicitor; | | (c) | the conveyancing money for the transaction consists only of —| (i) | money disbursed by the new mortgagee under a loan taken by the mortgagor; or | | (ii) | money disbursed by the new mortgagee under a loan taken by the mortgagor and money provided by the mortgagor; and |
| | (d) | the whole or any part of the conveyancing money is paid into the solicitor’s conveyancing account, |
| the appointed bank at which the conveyancing account is maintained may, with the consent of the solicitor, reverse the payment transaction and refund that whole or part of the conveyancing money to the person who provided that whole or part of the conveyancing money. |
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(7) Without prejudice to paragraph (7A), where —| (a) | a conveyancing transaction consists of the full or partial redemption of an existing mortgage of, or the full or partial discharge of an existing charge on, any land; [S 629/2011 wef 25/11/2011] | | (b) | the existing mortgagee and the mortgagor are represented by the same solicitor; | | (c) | the conveyancing money for the transaction consists only of money provided by the mortgagor; and | | (d) | the whole or any part of the conveyancing money is paid into the solicitor’s conveyancing account, |
| the appointed bank at which the conveyancing account is maintained may, with the consent of the solicitor, reverse the payment transaction and refund that whole or part of the conveyancing money to the person who provided that whole or part of the conveyancing money. |
[S 629/2011 wef 25/11/2011] |
(7A) Without prejudice to paragraph (7), where —| (a) | a loan has been granted for or in connection with a conveyancing transaction; | | (b) | the conveyancing money consists only of money provided by the borrower for the full or partial repayment of the loan; | | (c) | the lender and the borrower are represented by the same solicitor; and | | (d) | the whole or any part of the conveyancing money is paid into the solicitor’s conveyancing account, |
| the appointed bank at which the conveyancing account is maintained may, with the consent of the solicitor, reverse the payment transaction and refund that whole or part of the conveyancing money to the person who provided that whole or part of the conveyancing money. |
[S 629/2011 wef 25/11/2011] |
| (8) Where paragraph (6), (7) or (7A) applies, all expenses incurred in obtaining the refund shall be borne personally by the solicitor. [S 629/2011 wef 25/11/2011] |
(9) Where a solicitor requests that any person countersign a pay-out form or variation pay-out form (referred to in this paragraph as the relevant form) relating to the payment of any conveyancing money from the solicitor’s conveyancing account or conveyancing (CPF) account to a specified payee that purports to be a Category B payee —| (a) | that person shall be entitled to request that the solicitor provide him with such information and documents as may be necessary to enable him to verify that the specified payee is a Category B payee; | | (b) | the solicitor shall promptly furnish the information and documents to that person; and | | (c) | that person shall refuse to countersign the relevant form, if —| (i) | the solicitor refuses or neglects to furnish any information or document under sub-paragraph (b), after being requested to do so in accordance with sub-paragraph (a); | | (ii) | that person is not satisfied of the authenticity of any document furnished by the solicitor under sub-paragraph (b); or | | (iii) | there is any material discrepancy between any information or document furnished by the solicitor under sub-paragraph (b) and the relevant form, or there is any material discrepancy in the information and documents furnished by the solicitor under sub-paragraph (b), as regards whether the specified payee is a Category B payee. |
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(10) Where a solicitor requests that any person countersign a pay-out form or variation pay-out form (referred to in this paragraph as the relevant form) relating to the payment of any conveyancing money from the solicitor’s conveyancing account or conveyancing (CPF) account to a specified Category C payee —| (a) | that person shall be entitled to request that the solicitor provide him with —| (i) | a statutory declaration, or any other document, that specifies —| (A) | that the conveyancing money is to be paid to the specified Category C payee; and | | (B) | the amount of the conveyancing money that is to be paid; and |
| | (ii) | such other information and documents as may be necessary to enable him to verify —| (A) | that the conveyancing money is to be paid to the specified Category C payee; and | | (B) | the amount of the conveyancing money that is to be paid; |
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| | (b) | the solicitor shall promptly furnish the information and documents (including the statutory declaration or document referred to in sub-paragraph (a)(i)) to that person; and | | (c) | that person shall refuse to countersign the relevant form, if —| (i) | the solicitor refuses or neglects to furnish any information or document under sub-paragraph (b), after being requested to do so in accordance with sub-paragraph (a); | | (ii) | that person is not satisfied of the authenticity of any document furnished by the solicitor under sub-paragraph (b); or | | (iii) | there is any material discrepancy between any information or document furnished by the solicitor under sub-paragraph (b) and the relevant form, or there is any material discrepancy in the information and documents furnished by the solicitor under sub-paragraph (b), as regards —| (A) | whether the conveyancing money is to be paid to the specified Category C payee; or | | (B) | the amount of the conveyancing money that is to be paid. |
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(11) Where a person requested to countersign a pay-out form or variation pay-out form under paragraph (9) or (10) does so in accordance with this rule, rule 10(4) and the First Schedule, the person shall not be liable to be sued for the act of countersigning the pay-out form or variation pay-out form, if the act —| (a) | was done in good faith; and | | (b) | did not involve any fraud or wilful misconduct on his part. |
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(12) An appointed bank shall, before acting in accordance with a pay-out form or variation pay-out form for the payment of any conveyancing money from a solicitor’s conveyancing account or conveyancing (CPF) account —| (a) | verify that the pay-out form or variation pay-out form has been signed by an authorised signatory of the solicitor; and | | (b) | if the conveyancing money is to be paid to a Category B payee or Category C payee, verify that the pay-out form or variation pay-out form has been countersigned by an authorised signatory whom the appointed bank has been notified, by the pay-in form or written instruction referred to in rule 6(5) for the conveyancing money or by a change of counter-signatory form, is authorised to countersign the pay-out form or variation pay-out form. |
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(13) No conveyancing money shall be paid by an appointed bank from a conveyancing account or conveyancing (CPF) account —| (a) | in any case where the conveyancing money consists of stamp duty, and the payment is to be made to the Commissioner of Stamp Duties, except —| (i) | by such electronic means as the Commissioner of Stamp Duties may require; or | | (ii) | by means of a bank draft issued by the appointed bank; or [S 629/2011 wef 25/11/2011] |
| | (b) | in any other case, except —| (i) | by any electronic means; or | | (ii) | by means of a bank draft issued by the appointed bank. |
[S 291/2022 wef 04/04/2022] |
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| (14) Notwithstanding anything in this rule, an appointed bank may pay conveyancing money from a solicitor’s conveyancing account or conveyancing (CPF) account in accordance with a resolution of the Council made in accordance with paragraph 10 of the First Schedule to the Legal Profession Act (Cap. 161). |
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| Authorised signatory of forms |
8.—(1) A solicitor shall not sign or countersign a change of counter-signatory form, or a pay-in form, a variation pay-in form, a pay-out form, a variation pay-out form or any other instruction to an appointed bank to deposit or withdraw any conveyancing money into or from a conveyancing account or conveyancing (CPF) account, if —| (a) | the solicitor has been —| (i) | in practice as a solicitor in Singapore for less than 3 years in aggregate; or | | (ii) | employed as a Judicial Service Officer, a Legal Service Officer or a PD Officer for less than 3 years in aggregate; [S 11/2022 wef 14/01/2022] [S 918/2022 wef 01/12/2022] |
| | (b) | the solicitor is not holding a current practising certificate; or | | (c) | the practising certificate of the solicitor is subject to any condition imposed under section 25A or 27A of the Legal Profession Act (Cap. 161) prohibiting the solicitor from —| (i) | signing any cheque or other instruction effecting a withdrawal from a client account; | | (ii) | signing or countersigning any change of counter-signatory form; | | (iii) | signing any pay-in form, variation pay-in form or other instruction to deposit any conveyancing money into a conveyancing account or conveyancing (CPF) account; or | | (iv) | signing or countersigning any pay-out form, variation pay-out form or other instruction to withdraw any conveyancing money from a conveyancing account or conveyancing (CPF) account. |
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(2) A Singapore law practice shall sign or countersign a form or instruction referred to in paragraph (1) by at least one solicitor who —| (a) | is an authorised signatory of that Singapore law practice; and | | (b) | is not disqualified under that paragraph from signing or countersigning that form or instruction. |
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| Continuing involvement of counter-signatory in conveyancing transaction |
9.—(1) A person shall, if identified in the First Schedule as an authorised signatory for a pay-out form or variation pay-out form, be under a duty to sign or countersign the pay-out form or variation pay-out form in accordance with rules 7 and 10(4) and that Schedule.| (2) The duty under paragraph (1) shall continue even after the completion of the conveyancing transaction to which the pay-out form or variation pay-out form relates. |
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| Change to particulars in forms |
10.—(1) No amendment shall be made to a change of counter-signatory form, pay-in form, variation pay-in form, pay-out form or variation pay-out form after the form has been duly completed and signed.(2) Where, after a solicitor has served a pay-in form or variation pay-in form (referred to in this paragraph as the relevant form) on the appointed bank at which his conveyancing account or conveyancing (CPF) account is maintained, there is any change to any particulars specified in the relevant form —| (a) | in any case where there is a counter-signatory specified in the relevant form, and there is any change to the particulars of the counter-signatory, the solicitor shall —| (i) | serve on the appointed bank a duly completed change of counter-signatory form that has been signed by —| (A) | an authorised signatory of the solicitor; and | | (B) | the new counter-signatory specified in the change of counter-signatory form; and |
| | (ii) | serve a copy of the change of counter-signatory form on each of the following persons:| (A) | the counter-signatory specified in the relevant form; and | | (B) | the new counter-signatory specified in the change of counter-signatory form; |
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| | (b) | in any case where there is no counter-signatory specified in the relevant form, and the solicitor wishes to insert the particulars of a counter-signatory, the solicitor shall —| (i) | serve on the appointed bank a duly completed change of counter-signatory form that has been signed by —| (A) | an authorised signatory of the solicitor; and | | (B) | the counter-signatory specified in the change of counter-signatory form; and |
| | (ii) | serve a copy of the change of counter-signatory form on the counter-signatory specified in the change of counter-signatory form; and |
| | (c) | in any case where there is any change to any particulars specified in the relevant form (other than any change to the particulars of the counter-signatory (if any), or the insertion of the particulars of a counter-signatory), the solicitor shall —| (i) | serve on the appointed bank a duly completed new variation pay-in form that has been signed by an authorised signatory of the solicitor; and | | (ii) | do any of the following which may be applicable:| (A) | if there is a counter-signatory specified in the relevant form, but there is no change to the particulars of the counter-signatory, give written notice to the counter-signatory of each change to the particulars specified in the relevant form; | | (B) | if there is a counter-signatory specified in the relevant form, and there is any change to the particulars of the counter-signatory in addition to any change to any other particulars specified in the relevant form, give written notice to the new counter-signatory specified in the new variation pay-in form (and in the change of counter-signatory form referred to sub-paragraph (a)) of each change to the particulars specified in the relevant form; or | | (C) | if there is no counter-signatory specified in the relevant form, and the particulars of a counter-signatory are to be inserted in addition to any change to any other particulars specified in the relevant form, give written notice to the counter-signatory specified in the new variation pay-in form (and in the change of counter-signatory form referred to in sub-paragraph (b)) of each change to the particulars specified in the relevant form. |
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| (3) The new variation pay-in form referred to in paragraph (2)(c) shall supersede the relevant form referred to in paragraph (2). |
(4) Where a solicitor has served a pay-out form or variation pay-out form (referred to in this paragraph as the relevant form) on the appointed bank at which his conveyancing account or conveyancing (CPF) account is maintained —| (a) | the solicitor shall serve on the appointed bank a new variation pay-out form that has been signed by at least one authorised signatory of the solicitor, if the solicitor wishes to —| (i) | change the particulars of any Category A payee specified in the relevant form; | | (ii) | insert the particulars of any additional Category A payee; | | (iii) | delete the particulars of any Category A payee, or any Category B payee, specified in the relevant form; or | | (iv) | change the particulars of the amount payable to any Category A payee, or any Category B payee, specified in the relevant form; and |
| | (b) | the solicitor shall serve on the appointed bank a new variation pay-out form that has been signed in accordance with the First Schedule, if the solicitor wishes to —| (i) | change the particulars of any Category B payee, or any Category C payee, specified in the relevant form; | | (ii) | insert the particulars of any additional Category B payee or Category C payee; | | (iii) | delete the particulars of any Category C payee specified in the relevant form; or | | (iv) | change the particulars of the amount payable to any Category C payee specified in the relevant form. |
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| (5) The new variation pay-out form referred to in paragraph (4)(a) or (b) shall supersede the relevant form referred to in paragraph (4). |
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| Change of solicitor, etc. |
11.—(1) Subject to paragraphs (2) and (3), where a party to a conveyancing transaction changes his solicitor during the course of the transaction —| (a) | the discharged solicitor shall, without delay —| (i) | withdraw from his conveyancing account, in accordance with rule 7(2), all conveyancing money (if any) standing to the credit of the party, for payment to the conveyancing account of the solicitor taking over the conduct of the transaction; and | | (ii) | withdraw from his conveyancing (CPF) account, in accordance with rule 7(3), all conveyancing money (if any) standing to the credit of the party, for payment to the Central Provident Fund Board; |
| | (b) | the conveyancing money referred to in sub-paragraph (a)(i) (if any) shall be paid into the conveyancing account of the solicitor taking over the conduct of the transaction from the discharged solicitor, to the credit of the party, by bank draft in accordance with rule 6(3); [S 629/2011 wef 25/11/2011] | | (c) | the conveyancing money referred to in sub-paragraph (a)(ii) (if any) shall be paid by the Central Provident Fund Board into the conveyancing (CPF) account of the solicitor taking over the conduct of the transaction from the discharged solicitor, to the credit of the party, in accordance with rule 6(2) and (5); and | | (d) | the solicitor taking over the conduct of the transaction shall give written notice to every other party to the transaction who may be affected by the change of solicitors or by any withdrawal or payment referred to in this paragraph (or if any such party is represented by a solicitor, that party’s solicitor) of the change, withdrawals and payments. |
(2) Where a Singapore law practice is reconstituted as a different Singapore law practice, the second-mentioned Singapore law practice takes over from the first-mentioned Singapore law practice the conduct of any conveyancing transaction, and both Singapore law practices maintain their conveyancing accounts and conveyancing (CPF) accounts with the same appointed bank —| (a) | the first-mentioned Singapore law practice shall —| (i) | without delay, transfer all conveyancing money (if any) standing to the credit of the client for whom it acts in the transaction (referred to in this paragraph as the client) from its conveyancing account and conveyancing (CPF) account to the conveyancing account and conveyancing (CPF) account, respectively, of the second-mentioned Singapore law practice, to the credit of the client, by serving on the appointed bank —| (A) | a written notice of the reconstitution of the first-mentioned Singapore law practice that has been signed by at least one authorised signatory of the first-mentioned Singapore law practice; and | | (B) | such other documents as the appointed bank may require for the purposes of the transfer; and |
| | (ii) | give written notice to the client, and to every other party to the transaction who is affected by transfer of the conveyancing money (or if any such party is represented by a solicitor, that party’s solicitor) of the transfer of the conveyancing money to the second-mentioned Singapore law practice; |
| | (b) | the payment of any part of the conveyancing money to the conveyancing account or conveyancing (CPF) account of the second-mentioned Singapore law practice, to the credit of the client, need not be accompanied by any pay-in form referred to in rule 6(3), (4) or (5) or written instruction referred to in rule 6(5), as the case may be; | | (c) | the appointed bank shall treat every pay-in form or variation pay-in form served on the appointed bank by the first-mentioned Singapore law practice in respect of the transaction as if —| (i) | the form had been served by the second-mentioned Singapore law practice; and | | (ii) | any reference in the form to the first-mentioned Singapore law practice were a reference to the second-mentioned Singapore law practice; |
| | (d) | the appointed bank shall treat every written instruction referred to in rule 6(5) served on the appointed bank by the Central Provident Fund Board in respect of the transaction as if any reference in the written instruction to the first-mentioned Singapore law practice were a reference to the second-mentioned Singapore law practice; and | | (e) | where the first-mentioned Singapore law practice is a counter-signatory specified in any pay-in form, variation pay-in form or written instruction referred to in rule 6(5) in respect of the conveyancing transaction, the reference in the form or written instruction to the first-mentioned Singapore law practice shall be treated as a reference to the second-mentioned Singapore law practice. |
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(3) Where a Singapore law practice is reconstituted as a different Singapore law practice, the second-mentioned Singapore law practice takes over from the first-mentioned Singapore law practice the conduct of any conveyancing transaction, and the 2 Singapore law practices maintain their respective conveyancing accounts and conveyancing (CPF) accounts with different appointed banks —| (a) | the first-mentioned Singapore law practice shall, without delay —| (i) | withdraw from its conveyancing account, in accordance with rule 7(2), all conveyancing money (if any) standing to the credit of the client for whom it acts in the transaction (referred to in this paragraph as the client), for payment to the conveyancing account of the second-mentioned Singapore law practice; and | | (ii) | withdraw from its conveyancing (CPF) account, in accordance with rule 7(2), all conveyancing money (if any) standing to the credit of the client, for payment to the conveyancing (CPF) account of the second-mentioned Singapore law practice; |
| | (b) | the conveyancing money referred to in sub-paragraph (a)(i) (if any) shall be paid into the conveyancing account of the second-mentioned Singapore law practice, to the credit of the client, by bank draft in accordance with rule 6(3); [S 629/2011 wef 25/11/2011] | | (c) | the conveyancing money referred to in sub-paragraph (a)(ii) (if any) shall be paid into the conveyancing (CPF) account of the second-mentioned Singapore law practice, to the credit of the client, by bank draft in accordance with rule 6(5); [S 629/2011 wef 25/11/2011] | | (d) | the second-mentioned Singapore law practice shall give written notice to the client, and to every other party to the transaction who is affected by any withdrawal or payment referred to in this paragraph (or if any such party is represented by a solicitor, that party’s solicitor) of the withdrawals and payments; and | | (e) | where the first-mentioned Singapore law practice is a counter-signatory specified in any pay-in form, variation pay-in form or written instruction referred to in rule 6(5) in respect of the conveyancing transaction, the reference in the form or written instruction to the first-mentioned Singapore law practice shall be treated as a reference to the second-mentioned Singapore law practice. |
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(4) Where, during the course of a conveyancing transaction, a solicitor wishes to transfer any conveyancing money standing to the credit of the client for whom the solicitor acts in the transaction (referred to in this paragraph as the client) in the conveyancing account and conveyancing (CPF) account maintained by the solicitor with an appointed bank to the conveyancing account and conveyancing (CPF) account, respectively, maintained by the solicitor with another appointed bank, the solicitor shall —| (a) | withdraw the conveyancing money from his conveyancing account and conveyancing (CPF) account maintained with the first-mentioned appointed bank, in accordance with rule 7(2), for payment to his conveyancing account and conveyancing (CPF) account, respectively, maintained with the second-mentioned appointed bank; and | | (b) | pay the conveyancing money into his conveyancing account and conveyancing (CPF) account, respectively, maintained with the second-mentioned appointed bank, to the credit of the client, by bank draft in accordance with rule 6(3) and (5), respectively. [S 629/2011 wef 25/11/2011] |
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(5) Where, during the course of a conveyancing transaction, a solicitor wishes to transfer any conveyancing money standing to the credit of the client for whom the solicitor acts in the transaction (referred to in this paragraph as the client) in the conveyancing account or conveyancing (CPF) account maintained by the solicitor with an appointed bank to another conveyancing account or conveyancing (CPF) account, as the case may be, maintained by the solicitor with the same appointed bank —| (a) | the solicitor shall transfer the conveyancing money from the first-mentioned conveyancing account or conveyancing (CPF) account, as the case may be, to the second-mentioned conveyancing account or conveyancing (CPF) account, as the case may be, by serving on the appointed bank —| (i) | a written notice of the transfer that has been signed by at least one authorised signatory of the solicitor; and | | (ii) | such other documents as the appointed bank may require for the purposes of the transfer; |
| | (b) | the payment of the conveyancing money to the second-mentioned conveyancing account or conveyancing (CPF) account, as the case may be, to the credit of the client, need not be accompanied by any pay-in form referred to in rule 6(3), (4) or (5) or written instruction referred to in rule 6(5), as the case may be; | | (c) | the appointed bank shall treat every pay-in form or variation pay-in form served on the appointed bank in respect of the transaction as if any reference in the form to the first-mentioned conveyancing account or conveyancing (CPF) account, as the case may be, were a reference to the second-mentioned conveyancing account or conveyancing (CPF) account, as the case may be; and | | (d) | the appointed bank shall treat every written instruction referred to in rule 6(5) served on the appointed bank by the Central Provident Fund Board in respect of the transaction as if any reference in the written instruction to the first-mentioned conveyancing (CPF) account were a reference to the second-mentioned conveyancing (CPF) account. [S 629/2011 wef 25/11/2011] |
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| Uncompleted or disputed conveyancing transaction |
12.—(1) Where, before an appointed bank has received any pay-out form for the payment of any conveyancing money in relation to a conveyancing transaction, the appointed bank receives a written notice that there is a dispute between the parties to the transaction, or that the transaction is aborted, the appointed bank shall not pay any conveyancing money relating to the transaction from a conveyancing account or conveyancing (CPF) account, unless the appointed bank —| (a) | receives, after the date on which it received the written notice, a pay-out form for the payment of the conveyancing money to such person as may be specified in that form, and complies with rule 7(12) in relation to that form; or | | (b) | receives an order of court authorising it to pay the conveyancing money to such person as may be specified in that order. |
(2) Where, after an appointed bank has received a pay-out form or variation pay-out form for the payment of any conveyancing money relating to a conveyancing transaction, the appointed bank receives a written notice that there is a dispute between the parties to the transaction, or that the transaction is aborted, the appointed bank shall not pay any conveyancing money relating to the transaction from a conveyancing account or conveyancing (CPF) account, unless the appointed bank —| (a) | receives, after the date on which it received the written notice, a variation pay-out form for the payment of the conveyancing money to such person as may be specified in that form, and complies with rule 7(12) in relation to that form; or | | (b) | receives an order of court authorising it to pay the conveyancing money to such person as may be specified in that order. |
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| Erroneous payment into conveyancing account or conveyancing (CPF) account |
13.—(1) Notwithstanding rule 7(1), where any money is erroneously paid into a solicitor’s conveyancing account or conveyancing (CPF) account, the appointed bank at which the conveyancing account or conveyancing (CPF) account is maintained may, with the consent of the solicitor, reverse the payment transaction and refund the money to the person who provided the money.(2) Without prejudice to the generality of paragraph (1), the following shall be treated as erroneous payments for the purposes of that paragraph:| (a) | a payment of money into a conveyancing account that is not accompanied or supported by a pay-in form referred to in rule 6(3) or (4); | | (b) | a payment of money into a conveyancing (CPF) account that is not accompanied by a written instruction from the Central Provident Fund Board, or a pay-in form, referred to in rule 6(5). |
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| Cessation of appointment of appointed bank |
14. Where a solicitor maintains a conveyancing account or conveyancing (CPF) account with an appointed bank, and the Minister gives the bank notice that he intends to cancel the appointment of the bank with effect from a specified date, the bank shall —| (a) | obtain the instructions of the solicitor on the disposal of the conveyancing money (if any) in the conveyancing account or conveyancing (CPF) account maintained with the bank before the day immediately preceding the specified date (referred to in this rule as the relevant day), and give effect to those instructions in accordance with this Part by that day; | | (b) | if the bank is unable to obtain any such instructions before the relevant day, withdraw the conveyancing money by the relevant day —| (i) | from the conveyancing account maintained with the bank, by issuing a bank draft made payable to the title of the solicitor’s conveyancing account; or [S 629/2011 wef 25/11/2011] | | (ii) | from the conveyancing (CPF) account maintained with the bank, by issuing a bank draft made payable to the title of the solicitor’s conveyancing (CPF) account; and [S 629/2011 wef 25/11/2011] |
| | (c) | by the relevant day, close the conveyancing account or conveyancing (CPF) account maintained with the bank. |
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