South Australian Current Acts

STRATA TITLES ACT 1988 - SECT 36L

36L—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.