Legal Profession Act 1987 No 109
Historical version for 22 November 2002 to 5 December 2002 (accessed 27 January 2015 at 21:23) Repealed version
Part 9Division 4Section 122H

122H   No further action to be taken in respect of run-out mortgages

(1)  A solicitor must not, in the solicitor’s capacity as solicitor for a lender or contributor:
(a)  advance any money entrusted to the solicitor to a borrower for a run-out mortgage, or
(b)  do any work for the purpose of extending the term of a run-out mortgage, or
(c)  accept any money from a client for the purpose of advancing that money to a borrower for a run-out mortgage, or
(d)  do anything else with respect to a run-out mortgage in contravention of the regulations or the solicitors rules relating to run-out mortgages.
(2)  A solicitor who contravenes this section commits professional misconduct.
Top of page