Paragraph 7 Dormant Bank and Building Society Accounts Act 2008 (c. 31)I1I2

In section 2 (transfer of balances to charities, with proportion to reclaim fund), after subsection (6) insert—

“(7)

A transfer of an amount to an authorised reclaim fund and to one or more charities as mentioned in subsection (1) does not itself—

(a)

constitute a breach of trust or fiduciary duty affecting the amount owing, or

(b)

give rise to any other liability of any kind (whether against the transferring bank or building society, the reclaim fund, any charity concerned or any other person involved), other than the liability of the reclaim fund arising under subsection (2)(b).”

The amendment made by sub-paragraph (1) does not apply in relation to a transfer made before it comes into force.