Legal Profession Act 1987 No 109
Historical version for 22 November 2002 to 5 December 2002 (accessed 22 November 2014 at 07:28) Repealed version

69   Relief for financial organisation

(1)  A bank, building society or credit union does not, in relation to a transaction on an account kept by a solicitor at the bank, building society or credit union or another bank, building society or credit union:
(a)  incur any obligation to make inquiries, or any liability, other than an obligation or liability to which it would be subject apart from this Act, or
(b)  have imputed to it any knowledge of the right of a person to money credited to the account,
that it would not incur, or have imputed to it, if the account were kept by the bank, building society or credit union for a person absolutely entitled to the money credited to it.
(2)  A bank, building society or credit union at which a solicitor keeps an account for clients’ money has no recourse against money at credit in the account in respect of a liability of the solicitor to the bank, building society or credit union other than a liability in respect of the account.
(3)  In subsection (2):

recourse includes any right, whether by way of set-off, counter-claim or charge or otherwise.

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