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LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 246
Subrogation
246 Subrogation
(1) On payment of a claim from the fidelity fund, the fidelity authority is
subrogated to the rights and remedies of the claimant against any person in
relation to the default to which the claim relates.
(2) Without limiting
subsection (1), that subsection extends to a right or remedy against-- (a) an
associate in respect of whom the claim is made; or
(b) the person authorised
to administer the estate of an associate in respect of whom the claim is made
and who is deceased or an insolvent under administration.
(3) Subsection (1)
does not apply to a right or remedy against an associate if, had the associate
been a claimant in respect of the default, the claim would not be disallowed
on any of the grounds set out in section 240.
(4) The fidelity authority may
exercise its rights and remedies under this section in its own name or in the
name of the claimant.
(5) If the fidelity authority brings proceedings under
this section in the name of the claimant, it must indemnify the claimant
against any costs awarded against the claimant in the proceedings.
(6) The
fidelity authority may exercise its rights and remedies under this section
even though any limitation periods under this Part have expired.
(7) The
fidelity authority must pay into the fidelity fund any money recovered in
exercising its rights and remedies under this section.
(8) If in exercising
its rights and remedies under this section the fidelity authority recovers
more money than that already paid to the claimant, the authority must pay the
difference to the claimant after deducting costs incurred to recover the
money. This subsection applies whether or not the total amount paid would
otherwise exceed any relevant maximum amount fixed under section 230.
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