(1) When a person, by reason of his receiving or being entitled to receive, the rent of immovable property, as trustee or agent of a person or society would, under this Act, be bound to discharge an obligation imposed by this Act on the owner of the property and for the discharge of which money is required, he shall not be bound, to discharge the obligation unless he has, or but for his own improper act or default, might have had, in his hands, funds belonging to the owner sufficient for the purpose.
(2) When an agent or trustee has claimed and established his right to relief under this section, the trust may give him notice to apply to the discharge of such obligation as aforesaid the first moneys which come to his hands on behalf, or for the use, of the owner, and, should he fail to comply with such notice, he shall be deemed to be personally liable to discharge such obligation.