Prospective
(1)The whole estate on which a judicial factor is appointed vests in the judicial factor (in that person’s capacity as judicial factor)—
(a)on the date on which the appointing interlocutor is pronounced (“the appointment date”), or
(b)where the court has imposed a requirement to find caution, on the date on which the Accountant confirms to the court and the judicial factor in writing that the requirement has been satisfied.
(2)Subsection (3) applies where a judicial factor is appointed on the estate of a solicitor under section 41 of the Solicitors (Scotland) Act 1980.
(3)Unless the court specifies otherwise when appointing the judicial factor, the estate vesting under subsection (1) includes all property held by the solicitor in a fiduciary capacity, including—
(a)sums at the credit of any client account, or
(b)property held other than in the solicitor’s professional capacity.
Commencement Information
I1S. 9 not in force at Royal Assent, see s. 54(2)