Relief to banksN.I.
77.—(1) Subject to the provisions of this Article, a bank[F1 or a building society] shall not, in connection with any transaction on any account of any solicitor kept with it or with any other bank[F1 or building society] (other than an account kept by a solicitor as trustee for a specified beneficiary) incur any liability or be under any obligation to make any inquiry or be deemed to have any knowledge of any right of any person to any money paid or credited to any such account which it would not incur or be under or be deemed to have in the case of an account kept by a person entitled absolutely to all the money paid or credited to such account.
(2) Nothing in paragraph (1) shall relieve a bank[F1 or a building society] from any liability or obligation under which it would be apart from this Order.
(3) Notwithstanding anything in paragraph (1), a bank[F1 or a building society] at which a solicitor keeps an account for clients' money shall not, in respect of any liability of the solicitor to the bank[F1 or society], not being a liability in connection with that account, have or obtain any recourse or right, whether by way of set-off, counterclaim, charge or otherwise, against money standing to the credit of that account.
(4) Nothing in paragraph (3) shall deprive a bank of any right existing on the day when the first regulations made under Article 33(1)( a) come into operation.