37Provisions applying to banks etc

37 Provisions applying to banks etc (1) A bank, credit union or building society where a trust account is maintained is not under any obligation to control or supervise transactions in relation to the trust account or to see to the application of money paid out of the account.

(2) A bank, credit union or building society where a dealer maintains a trust account in accordance with this part does not have, in relation to any liability of the dealer to the bank, credit union or building society, any recourse or right, whether by way of set-off, counterclaim, charge or otherwise, against money standing to the credit of the account. (3) Nothing in this section relieves a bank, credit union or building society from any liability to which it is subject apart from this Act.