PART 8

Administration of estate by trustee

Contractual powers and money received

Money received by trustee
111
1
All money received by the trustee in the sequestration in the exercise of the trustee's functions must be deposited by the trustee in the name of the debtor's estate in an interest-bearing account in an appropriate bank or institution.
2
But subsection (1) is subject to subsections (3) and (5).
3
In any case where the trustee is AiB, all money received by AiB in the exercise of AiB's functions as trustee must be deposited by AiB in an interest-bearing account in an appropriate bank or institution—
a
in the name of the debtor's estate, or
b
in the name of the Scottish Ministers.
4
But subsection (3) is subject to subsection (5).
5
The trustee may at any time retain in the trustee's hands a sum not exceeding £200 or such other sum as may be prescribed.
S. 111 in force at 30.11.2016 by S.S.I. 2016/294, reg. 2