South Australian Current Acts

COMMUNITY TITLES ACT 1996 - SECT 131

131—ADIs etc not affected by notice of trust

        (1)         Subject to subsection (2), an ADI or other financial institution is not affected by notice of a specific trust to which money deposited in a trust account is subject, and is not bound to satisfy itself of the due application of that money.

        (2)         This section does not relieve an ADI or other financial institution of liability for negligence.