(1)  Any person who, having received, either solely or jointly with any other person, any money or valuable security, or any other property, with a direction express or implied that such money or any part thereof, or the proceeds or any part of the proceeds of such security or property, shall be applied to any purpose or paid to any person specified in such direction, in violation of good faith and contrary to such direction, dishonestly applies to any other purpose, or pays to any other person, such money or proceeds or any part thereof, shall be deemed to have stolen the property so applied or paid.

(2)  Where the person receiving such money, security, or power of attorney, and the person from whom he receives it, deal with each other on such terms that all money paid to the former would in the absence of any such direction be properly treated as an item in a debtor and creditor account between them, this section shall not apply unless such direction is in writing.