§ 240.18. Lack of authority to shift liability.
88 words·~1 min read·
/us/cfr/t31/s§ 240.18·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)This part neither authorizes nor directs a financial institution to debit the account of any person or to deposit any funds from any account into a suspense account or escrow account or the equivalent. Nothing in this part shall be construed to affect a financial institution's contract with its depositor(s) under authority of state law.
(b)A financial institution's liability under this part is not affected by any action taken by it to recover from any person the amount of the financial institution's liability to the Treasury.