This site uses cookies. Some of these cookies are essential to the operation of the site, while others help to improve your experience by providing insights into how the site is being used. For more information, please see the ProZ.com privacy policy.
Cookie settings
U 08/14/2009 10:08:07 T 08/15/2009 09:07:12
PR Manager and Press Manager
Sep 8, 2009 12:03
15 yrs ago
1 viewer *
English term

your Bank of Ireland Client Account

English Bus/Financial Finance (general)
Letter of authority

To: xxx and Company Solicitors,

I, hereby authorise you to lodge any cheques payable to Peter Wilson into your Bank of Ireland Client Account:
number:
sort code:
branch:

where will the money be paid ?
Responses
3 +6 To the solicotors' account

Discussion

Gary D Sep 8, 2009:
Trust account The client account is a Trust Account, which is held by the solicitor has for holding monies for and on behalf of their clients. A trust account cannot be used for any other purpose but for clients matters and the solicitor is the signatory to the account. If the solicitor goes bankrupt etc; the trust account is not effected, as it is not the solicitors money, and all money is returned to the client.
ZenonStyczyrz (asker) Sep 8, 2009:
The person signing the letter of authority is Peter Wilson.

Responses

+6
4 hrs
Selected

To the solicotors' account

The letter of authority is addressed to "xxx and Company Solicitors", so the person writing the letter is aouthorising them to pay cheques for Peter Wilson onto their (the solicitors') account - perhaps to be held"in trust" until e.g. a will or sililar is sorted out?



--------------------------------------------------
Note added at 4 hrs (2009-09-08 16:17:27 GMT)
--------------------------------------------------

sorry - *solicitors*! (more haste, less speed...)
Peer comment(s):
agree cmwilliams (X)
5 mins
Thanks!
agree urbom : yes, even though the cheques are written out to Peter Wilson, this letter is authorising the solicitors to pay them into the solicitors' bank account instead of Peter Wilson's account.
1 hr
agree Madeleine MacRae Klintebo : into the client money account you (the solicitor) hold with the Bank of Ireland (for more info, see FSA's Client Money Rules)
3 hrs
agree Andy Carr : all of the above...
3 hrs
agree Gary D : It is not the solicitors account, but a "Trust Account" held and managed by the solicitor for clients unallocated money, of money meant for a particular purpose. Ie; purchasing land/property/wills/ settlements/court fines/child care etc
5 hrs
agree George C.
23 hrs
Something went wrong...
4 KudoZ points awarded for this answer. Comment: "Thank you"
Close search
Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search