CONVEYANCERS LICENSING ACT 2003 - SECT 61
Protection of authorised deposit-taking institutions from liability
CONVEYANCERS LICENSING ACT 2003 - SECT 61
Protection of authorised deposit-taking institutions from liability
61 Protection of authorised deposit-taking institutions from liability
(1) An authorised deposit-taking institution--
(a) does not incur liability,
and is not obliged to make inquiries, in relation to any transaction
concerning an account of a licensee kept with the institution or with some
other financial institution, and
(b) is, in relation to any such transaction,
taken not to have any knowledge of a right of any person to money credited to
such an account,
unless it would incur such a liability, be obliged to make
such inquiries or be taken to have that knowledge in relation to an account
kept with it in respect of a person absolutely entitled to the money held in
that account.
(2) This section does not relieve an authorised deposit-taking
institution from any liability or obligation that it would have apart from
this Act.
(3) An authorised deposit-taking institution at which a licensee
keeps an account for clients' money does not, as regards any liability that
the licensee has to the institution (other than a liability relating to that
account), have a right to any of the money held in that account, whether by
way of set-off, counterclaim, charge or otherwise.