Vesting of estate in judicial factor
22.Section 9 provides for the whole of the factory estate to vest in the judicial factor on appointment, unless the court has required the judicial factor to find caution, under section 6. In that case, the factory estate will vest in the judicial factor on the date on which the Accountant confirms in writing, to both the court and the judicial factor, that this requirement has been met. When the estate vests in the judicial factor, the judicial factor has full legal rights in relation to the estate as though they were the owner of the estate. “Estate” is defined in section 53 as including moveable and heritable property.
23.Subsection (2) and (3) make clear that in relation to a judicial factor appointed on the estate of a solicitor under section 41 of the Solicitors (Scotland) Act 1980, the estate which vests in the judicial factor includes property or assets which are held by the solicitor on behalf of other people, such as clients, whether or not that property is held by the solicitor in their capacity as a solicitor. This means that funds held by the solicitor as, for example, a trustee or executor are also included in the factory estate.
