ADI not subject to certain obligations and liabilities

Current

(1)

ADI at which a trust account is maintained by a law practice—

(a)

is not under any obligation to control or supervise transactions in relation to the account or to see to the application of money disbursed from the account; and

(b)

does not have, in relation to any liability of the law practice to the

ADI, any recourse or right (whether by way of set‑off counterclaim, charge or otherwise) against money in the account.

(2)

Subclause (1) does not relieve an ADI from any liability to which it is subject apart from this Act.

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42 ADI not subject to certain obligations and liabilities