Section 240: Agents selling property – ownership rights

When a person receives, either alone or jointly with another person, any property from another on terms authorising or requiring him or her to sell it or to otherwise dispose of it and requiring him or her to pay or account for the proceeds of the property or any part of the proceeds, or to deliver anything received in exchange for the property to the person from whom it is received, or any other person, then the proceeds of the property, and anything received in exchange for it, are deemed to be the property of the person from whom the property was received, until they have been disposed of in accordance with the terms on which the property was received, unless it is a part of those terms that the proceeds, if any, shall form an item in a debtor and creditor account between him or her and the person to whom he or she is to pay them or account for them, and that the relation of debtor and creditor only shall exist between them in respect of it.