Clause 139

Subject to the provisions of this section, no bank shall, in connection with any transaction on account of any solicitor kept with it or with any other bank (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 it: Provided that nothing in this subsection shall relieve a bank from any liability or obligation under which it would be apart from section 77 of this Act or this section.

Notwithstanding anything in subsection (1) of this section a bank at which a solicitor keeps an account for clients’ moneys shall not, in respect of any liability of the solicitor to the bank, not being a liability in connection with that account, have or obtain any recourse or right, whether by way of set-off, counter-claim, charge or otherwise, against moneys standing to the credit of that account.