P. Other Valuable Property
From time to time, a member may be requested to hold their clients’ valuable property in trust for them. Because the property belongs to the client and is valuable, Law Society Rule 5-43(4) requires the member or law firm to maintain a record of the valuable property held in trust. The client’s valuable property that must be listed in a record is property which has value and can be transferred or negotiated by a member, such as jewelry, a stamp collection or a painting.
The member or law firm will need proper documentation to record the particulars of the property.
The audit department of the Law Society has prepared a blank template of a form to record particulars of a client’s other valuable property.
Note that there is space on the form for both the depositor and the person who accepts the valuable property to sign as a record of the receipt. As well, there is space for the ultimate recipient of the property and the releasing staff person to sign when the property is released.
In addition, the member should take the appropriate steps to ensure the property is properly safeguarded (example: in a safety deposit box or vault) and recommend the client insure against its loss.