Immunity of members
6 Immunity of members
A member—
is chargeable only for amounts and securities actually received even though the member signed a receipt for the amount or security; and
is answerable and accountable only for the member’s own acts, receipts, neglects or defaults.
Without limiting subsection (1), a member is not answerable or accountable for—
the acts, receipts, neglects or defaults of another member or the land trust; or
the acts, receipts, neglects or defaults of a bank, broker or other person with whom trust property is deposited; or
the insufficiency or deficiency of any securities or another loss unless the insufficiency, deficiency or loss happens because of the member’s default.
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