Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 55A

55A Financial institutions not subject to particular obligations and liabilities

(1) A financial institution at which a trust account is kept—

(a) is not under an obligation to control or supervise transactions in relation to the account or to oversee the application of money disbursed from the account; and

(b) is not liable to any action for the loss or damage suffered by another person as a result of the institution complying with this Act; and

(c) does not have any recourse or right, whether by way of set-off, counter-claim, charge or otherwise, against money in the account for a liability of the trustee owing to the financial institution.

(2) Subsection (1) does not relieve a financial institution, nor any officer or employee of the institution, from any liability to which the institution, officer or employee is subject apart from this section.