(1) This section applies where -

(a) a bank or building society transfers to an authorised reclaim fund the balance of a dormant account that a person ("the customer") holds with it, and

(b) the reclaim fund consents to the transfer.

(2) After the transfer -

(a) the customer no longer has any right against the bank or building society to payment of the balance, but

(b) the customer has against the reclaim fund whatever right to payment of the balance the customer would have against the bank or building society if the transfer had not happened.

(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