sec.55AFinancial institutions not subject to particular obligations and liabilities

### sec.55A Financial institutions not subject to particular obligations and liabilities A financial institution at which a trust account is kept— is not under an obligation to control or supervise transactions in relation to the account or to oversee the application of money disbursed from the account; and is not liable to any action for the loss or damage suffered by another person as a result of the institution complying with this Act; and does not have any recourse or right, whether by way of set-off, counter-claim, charge or otherwise, against money in the account for a liability of the trustee owing to the financial institution. Subsection (1) does not relieve a financial institution, nor any officer or employee of the institution, from any liability to which the institution, officer or employee is subject apart from this section. s 55A ins 2018 No. 17 s 176ZH sub 2020 No. 24 s 63 (sec.55A-ssec.1) A financial institution at which a trust account is kept— is not under an obligation to control or supervise transactions in relation to the account or to oversee the application of money disbursed from the account; and is not liable to any action for the loss or damage suffered by another person as a result of the institution complying with this Act; and does not have any recourse or right, whether by way of set-off, counter-claim, charge or otherwise, against money in the account for a liability of the trustee owing to the financial institution. (sec.55A-ssec.2) Subsection (1) does not relieve a financial institution, nor any officer or employee of the institution, from any liability to which the institution, officer or employee is subject apart from this section. - (a) is not under an obligation to control or supervise transactions in relation to the account or to oversee the application of money disbursed from the account; and - (b) is not liable to any action for the loss or damage suffered by another person as a result of the institution complying with this Act; and - (c) does not have any recourse or right, whether by way of set-off, counter-claim, charge or otherwise, against money in the account for a liability of the trustee owing to the financial institution.