A Statutory Deposit (aka Special Deposit) is required by some jurisdictions to take part of a solicitors trust account out of the General Trust account and put it in a fund managed by the local law society or other government authority.
In Wise Owl Legal we hold the Statutory Deposit in a different bank account in Wise Owl. This method has been agreed with by Law Societies in multiple jurisdictions and auditors.
- To process a Statutory Deposit you MUST use a Bank to Bank Transfer to enter the transaction.
- To put money into Statutory Deposit
- To redeem money FROM your Special Deposit
