7(1)If the Society takes possession of any sum of money to which paragraph 6 applies, the Society shall pay it into a special account in the name of the Society or of a person nominated on behalf of the Society, [F1or into a client account of a solicitor nominated on behalf of the society, and any such person or solicitor]shall hold that sum on trust to permit the Society to exercise in relation to it the powers conferred by this Part of this Schedule and subject thereto on trust for the persons beneficially entitled to it.
(2)A bank [F2or other financial institution]at which a special account is kept shall be under no obligation to ascertain whether it is being dealt with properly.
Textual Amendments
F1Words substituted by Administration of Justice Act 1985 (c. 61, SIF 34), s. 8, Sch. 1 para. 13(5)(a)
F2Words inserted by Administration of Justice Act 1985 (c. 61, SIF 34), s. 8, Sch. 1 para. 13(5)(b)
Modifications etc. (not altering text)
C1Sch. 1 Pt. II paras. 5-16 extended (1.1.1992) by Administration of Justice Act 1985 (c. 61, SIF 34), s. 9, Sch. 2 paras. 32-35; S.I. 1991/2683, art. 2
C2Sch. 1 Pt. II paras. 5–16 extended (with modifications) (14.10.1991) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), s. 89, Sch. 14 Pt. II para. 5; S.I. 1991/1883, art. 3, Sch.