Solicitors Act, 1954
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Provisions with respect to banking companies. |
67.—(1) A banking company shall not, in connection with any transaction on an account of a solicitor kept with them or with another banking company (other than an account kept by a solicitor as trustee for a specified beneficiary), incur a liability or be under an obligation to make inquiry or be deemed to have knowledge of a right to money paid or credited to the account which they would not incur, be under or be deemed to have in the case of an account kept by a person entitled absolutely to the money paid or credited thereto. | |
Nothing in this subsection shall relieve a banking company from any liability or obligation which they would be under apart from this Act. | ||
(2) Notwithstanding subsection (1) of this section, a banking company which keeps an account of a solicitor for moneys of clients, or of any trust of which the sole trustee is a solicitor or the trustees are a solicitor with a partner, clerk or servant of his or with one or more of such persons, shall not, in respect of a liability of the solicitor to the banking company, not being a liability in connection with that account, have or obtain any recourse or right, whether by way of set-off, counter-claim, charge or otherwise, against moneys standing to the credit of that account. | ||
Nothing in this subsection shall deprive a banking company of a right, existing at the time when the first regulations made for the purposes of section 66 of this Act come into operation, in respect of moneys previously deposited with such banking company. |