The Trustee Act 1958 provides in general terms that a trustee may pay trust moneys into Court to the Senior Master.

An example may be an Executor Trustee holding funds for a minor, or a solicitor holding funds for a person who cannot be located. In such cases the Senior Master may accept the funds and hold them for the benefit of the person entitled.

Such funds are held in Common Fund No. 2, and the funds attract interest at the rate fixed by the Senior Master and the Chief Justice pursuant to s. 113(15) of the Supreme Court Act 1986.

Once paid into Court, the funds are held subject to the rules and orders of the Court. They are not held subject to the terms of any other settlement or instrument creating the trust, such as the will in the case of a deceased estate.

Payment into Court pursuant to s. 69 of the Trustee Act 1958

Enquires about payments may be made by email to eft@fundsincourt.vic.gov.au.

Payments into Court may be made:

  1. By EFT or Bpay; or
  2. By cheque payable to: ‘The Senior Master of the Supreme Court’.

For the payment to be approved Funds in Court should be provided with a detailed and comprehensive affidavit which sets out the background to the funds being held by the trustee. The affidavit should account for the sum being tendered and include the contact details of the client or their guardian. The date of birth of the client is required if known. Any relevant documents, such as the will in the case of a deceased estate, should be exhibited to the affidavit. It is of assistance if a birth certificate can be exhibited to the affidavit.

If payment is approved, the funds will be paid into a new account in Common Fund No. 2, and a receipt will be issued by the Senior Master’s Office to the trustee.

Payment out of funds pursuant to s. 69 of the Trustee Act 1958

Funds paid into Court under the Trustee Act may only be paid out, in part or in full, by an order of the Supreme Court.

In some cases, such as where funds are paid into Court and held for a minor client of a deceased estate, it may be appropriate for the usual requirement of an originating motion in application for such order to be waived. Please contact the Solicitor to the Senior Master or the relevant Funds in Court Officer if you have any queries about applying for the funds in Court.

Enquiries

Please direct any enquiries regarding Trustee Act funds held in Common Fund No. 2 to the Solicitor to the Senior Master by email to eft@fundsincourt.vic.gov.au or by telephone to 1300 039 390.