(3) A receiver is not, in the exercise of his or her functions as a receiver, a personal representative of a deceased licensee. 126 Notice to claim receivable property (1) A receiver must give notice to the relevant licensee, a relevant associate or any other person that any claim the licensee, associate or other person has to receivable property must be submitted to the receiver within one month after the giving of the notice or within a longer period stated in the notice. (2) A claim submitted in response to a notice must state— (a) full particulars of the property; and (b) the grounds of the claim. (3) A receiver may disregard a claim made by a relevant licensee, a relevant associate or other person who has been given a notice under this section if the claim is not made in accordance with the notice. (4) A relevant licensee or relevant associate in receipt of a notice under this section is not entitled— (a) to enforce a claim to receivable property; or (b) except against a client, to the benefit of a lien against a document that is receivable property— unless all other enforceable claims against the property have been satisfied and the expenses of the receivership have been paid. 127 Lien for costs on receivable property (1) If a licensee claims a lien for costs on receivable property, the receiver may serve on the licensee a written notice requiring the licensee to give to the
(3) A receiver is not, in the exercise of his or her functions as a receiver, a personal representative of a deceased licensee. 126 Notice to claim receivable property (1) A receiver must give notice to the relevant licensee, a relevant associate or any other person that any claim the licensee, associate or other person has to receivable property must be submitted to the receiver within one month after the giving of the notice or within a longer period stated in the notice. (2) A claim submitted in response to a notice must state— (a) full particulars of the property; and (b) the grounds of the claim. (3) A receiver may disregard a claim made by a relevant licensee, a relevant associate or other person who has been given a notice under this section if the claim is not made in accordance with the notice. (4) A relevant licensee or relevant associate in receipt of a notice under this section is not entitled— (a) to enforce a claim to receivable property; or (b) except against a client, to the benefit of a lien against a document that is receivable property— unless all other enforceable claims against the property have been satisfied and the expenses of the receivership have been paid. 127 Lien for costs on receivable property (1) If a licensee claims a lien for costs on receivable property, the receiver may serve on the licensee a written notice requiring the licensee to give to the
06-75a015.docx