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Provisions regarding banking companies.
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10.—(1) A banking company shall not, in connection with any transaction on an account of an auctioneer or house agent kept with them or with another banking company, 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.
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(3) Notwithstanding subsection (1), a banking company which keeps an account of an auctioneer or house agent for moneys of clients, shall not, in respect of a liability of the auctioneer or house agent to the banking company, not being a liability in connection with that account, have or obtain any recourse or right (whether by way of lien, set-off, counter-claim, charge or otherwise) against moneys standing to the credit of that account.
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