sec.6Immunity of members

sec.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. (sec.6-ssec.1) 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. (sec.6-ssec.2) 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.

• (a) is chargeable only for amounts and securities actually received even though the member signed a receipt for the amount or security; and
• (b) is answerable and accountable only for the member’s own acts, receipts, neglects or defaults.
• (a) the acts, receipts, neglects or defaults of another member or the land trust; or
• (b) the acts, receipts, neglects or defaults of a bank, broker or other person with whom trust property is deposited; or
• (c) the insufficiency or deficiency of any securities or another loss unless the insufficiency, deficiency or loss happens because of the member’s default.