LAND AGENTS ACT 1994 - SECT 27

LAND AGENTS ACT 1994 - SECT 27

27—ADIs etc not affected by notice of trust

        (1)         Subject to subsection (2), an ADI is not affected by notice of a specific trust to which money deposited in a trust account is subject, and is not bound to satisfy itself of the due application of that money.

        (2)         This section does not relieve an ADI of liability for negligence.