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A stakeholder is defined as a person who receives money pending the outcome of a future event. Specifically, if an estate agent or solicitor receives a deposit as a stakeholder, they are under a duty to hold the money in trust for both parties until the event is resolved, and to keep the money in their possession until the outcome is known.

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Iqram Meon
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223 views2 pages

Presentation 1

A stakeholder is defined as a person who receives money pending the outcome of a future event. Specifically, if an estate agent or solicitor receives a deposit as a stakeholder, they are under a duty to hold the money in trust for both parties until the event is resolved, and to keep the money in their possession until the outcome is known.

Uploaded by

Iqram Meon
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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On the issue of being a stakeholder, in Kuldip Singh & Anor v Lembaga Letrik Negara & Anor v Lembaga Letrik

Negara & Anor [1983] 1 MLJ 206; [1982] 1 LNS 73 the court said: What is a stakeholder? A stakeholder is a personClick to edit Master subtitle style and holds it in who receives money medio pending the outcome of a future event. In Burt v Claude Cousins & Co [1971] 2 QBD 426 at p 435 Lord Denning MR stated:
5/14/12

If an estate agent or a solicitor, being duly authorised in that behalf, receives a deposit 'as stakeholder', he is under a duty to hold it in medio pending the outcome of a future event. He does not hold it as agent for the vendor nor as agent for the purchaser. He holds it as trustee for both to await the event Until the event is Click to edit Master subtitle style known it is his duty to keep it in his own hands.

5/14/12

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