343Subrogation on payment of claim

343 Subrogation on payment of claim (1) On payment of a claim from the fidelity fund, the law society council is subrogated to the rights and remedies of the claimant against anyone 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) the associate in relation to whom the claim is made; or (b) the person authorised to administer the estate of the associate in relation to whom the claim is made and who is dead 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 relation to the default, the claim would not be disallowable on any of the grounds set out in section 338 (3) (Deciding claims generally). (4) The law society council may exercise its rights and remedies under this section in its own name or in the name of the claimant. (5) If the law society council brings a proceeding under this section in the name of the claimant, it must indemnify the claimant against any costs awarded against the claimant in the proceeding. (6) The law society council may exercise its rights and remedies under this section even though any limitation periods under this part have ended. (7) The law society council must pay into the fidelity fund any amount recovered in exercising its rights and remedies under this section.