81 (1) A declarant shall ensure that a trustee of a prescribed class or the declarant’s solicitor receives and holds in trust all money, together with interest earned on it, as soon as a person makes a payment, (a)  with respect to reserving a right to enter into an agreement of purchase and sale for the purchase of a proposed unit; (b)  on account of an agreement of purchase and sale of a proposed unit; or (c)  on account of a sale of a proposed unit. 1998, c. 19, s. 81 (1). Exception (2) Subsection (1) does not apply to money received, (a)  on account of the purchase of personal property included in the proposed unit that is not to be permanently affixed to the land; or (b)  as an occupancy fee under subsection 80 (4). 1998, c. 19, s. 81 (2). Reservation money (3) If a person has paid money to reserve a right to enter into an agreement of purchase and sale for the purchase of a proposed unit and subsequently enters into such an agreement with the declarant, the declarant shall, on entering into the agreement, credit the money received to the purchase price under the agreement, despite any provision of the agreement. 1998, c. 19, s. 81 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 81 (3) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 72) Reservation money (3) If a person has paid money to reserve a right to enter into an agreement of purchase and sale for the purchase of a proposed unit and subsequently enters into such an agreement with the declarant or a person acting on behalf of or for the benefit of the declarant, the declarant shall, in accordance with the regulations and within the prescribed period of time on entering into the agreement, credit the money received to the purchase price under the agreement, despite any provision of the agreement. 2015, c. 28, Sched. 1, s. 72. Trustee (4) Upon receiving money that is required to be held in trust under subsection (1), a trustee of a prescribed class shall hold the money in trust in a separate account in Ontario designated as a trust account at a bank listed in Schedule I or II to the Bank Act (Canada), a trust corporation, a loan corporation or a credit union. 1998, c. 19, s. 81 (4); 2002, c. 8, Sched. I, s. 7 (1). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 81 (4) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 72) Trustee (4) Upon receiving money that is required to be held in trust under subsection (1), a trustee of a prescribed class shall hold the money in trust in a separate account in Ontario designated as a trust account at, (a)  a bank within the meaning of section 2 of the Bank Act (Canada); (b)  a corporation registered under the Loan and Trust Corporations Act; or (c)  a credit union within the meaning of the Credit Unions and Caisses Populaires Act, 1994. 2015, c. 28, Sched. 1, s. 72. Note: On the later of the day section 291 of Schedule 7 (Credit Unions and Caisses Populaires Act, 2020) to the Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020 comes into force and the day section 72 of Schedule 1 to the Protecting Condominium Owners Act, 2015 comes into force, clause 81 (4) (c) of the Act is amended by striking out “Credit Unions and Caisses Populaires Act, 1994” at the end and substituting “Credit Unions and Caisses Populaires Act, 2020”. (See: 2020, c. 36, Sched. 7, s. 301 (1)) Declarant’s solicitor (5) Upon receiving money that is required to be held in trust under subsection (1), the declarant’s solicitor shall hold the money in trust in a trust account in Ontario. 1998, c. 19, s. 81 (5). Evidence of compliance (6) Within 10 days of the payment of the money under subsection (1), the declarant shall provide to the person who paid the money written evidence, in the form prescribed by the Minister, of compliance with subsection (1) and one of subsections (4) and (5). 1998, c. 19, s. 81 (6). Duration of trust (7) Despite the registration of a declaration and description, the person who holds money in trust under subsection (1) shall hold it in trust until, (a)  the person holding the money in trust disposes of it to the person entitled to it, where the disposal is done in accordance with this Act and an agreement that the person who paid the money has entered into with respect to the proposed unit; or (b)  the declarant ensures that security of a prescribed class is provided for the money, except if the money has been received under clause (1) (a) and has not been credited to the purchase price under the agreement. 1998, c. 19, s. 81 (7). Section Amendments with date in force (d/m/y) 2002, c. 8, Sched. I, s. 7 (1) - 5/01/2005 2015, c. 28, Sched. 1, s. 72 - not in force 2020, c. 36, Sched. 7, s. 301 (1) - not in force