Building and Construction Industry Security of Payment Regulation 2020
15Financial institutions not subject to certain obligations and liabilities
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15 Financial institutions not subject to certain obligations and liabilities
15 Financial institutions not subject to certain obligations and liabilities
(1) An approved ADI with which a retention money trust account is established by a head contractor under this Part—
(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 head contractor to the approved 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 approved ADI from any liability to which it is subject apart from this Part.