Where an agent is directed by his principal to pay to a third person any money which he has received or is about to receive on his principal's behalf, he is not in general responsible to the third person if he fails to do so1, notwithstanding the fact that the money is received by him from the principal for the express purpose of paying it over to the third person2, or that his failure to comply with the direction is a breach of duty towards his principal3. The
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