Document ID: chunk:federal_register_of_legislation:C2004A00333:clause:2_33
Version: federal_register_of_legislation:C2004A00333
Segment Type: clause
Provision Reference: sch 2 cl 33
Character Range: 32030–32582

33  Subsection 95(3)
Repeal the subsection, substitute:

 (3)  Where a financial institution (the collecting agent), in good faith and without negligence:
 (a) receives payment of a cheque for another financial institution or for an FCA institution; or
 (b) receives payment of a cheque and, before or after receiving payment, pays another financial institution or an FCA institution the sum ordered to be paid by the cheque;
the collecting agent does not incur any liability to the true owner by reason only of having received payment of the cheque.