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Dormant Assets Act 2022
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- UK Public General Acts
- 2022 c. 5
- SCHEDULE 1
- Paragraph 6
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Dormant Bank and Building Society Accounts Act 2008 (c. 31)
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6(1)In section 1 (transfer of balances to reclaim fund), after subsection (2) insert—
“(2A)A transfer of the balance of a dormant account as mentioned in subsection (1) does not itself—
(a)constitute a breach of trust or fiduciary duty affecting the balance, or
(b)give rise to any other liability of any kind (whether against the transferring bank or building society, the reclaim fund or any other person involved), other than the liability of the reclaim fund arising by virtue of subsection (2)(b).”
(2)The amendment made by sub-paragraph (1) does not apply in relation to a transfer made before it comes into force.
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