'Clients' money', in relation to a person engaged in estate agency work1, means any money received by him in the course of that work which is a contract2 or pre-contract deposit3 in respect of the acquisition of an interest in land in the United Kingdom, or in respect of a connected contract4. Any clients' money received by any person in the course of estate agency work is held by him on trust for the person entitled to call for it to be paid over to him or to be paid on his direction or to have it otherwise credited
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