sec.386Subrogation

### sec.386 Subrogation On payment of a claim from the fidelity fund, the law society is subrogated to the rights and remedies of the claimant against any person in relation to the default to which the claim relates. Without limiting subsection (1) , that subsection extends to a right or remedy against— the associate about whom the claim is made; or the person authorised to administer the estate of the associate about whom the claim is made and who is deceased or an insolvent under administration. 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 disallowed on any of the grounds set out in section 381 (3) . The law society may exercise its rights and remedies under this section in its own name or in the name of the claimant. If the law society 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. The law society may exercise its rights and remedies under this section even though any limitation periods under this part have expired. The law society must pay into the fidelity fund any money recovered in exercising its rights and remedies under this section. (sec.386-ssec.1) On payment of a claim from the fidelity fund, the law society is subrogated to the rights and remedies of the claimant against any person in relation to the default to which the claim relates. (sec.386-ssec.2) Without limiting subsection (1) , that subsection extends to a right or remedy against— the associate about whom the claim is made; or the person authorised to administer the estate of the associate about whom the claim is made and who is deceased or an insolvent under administration. (sec.386-ssec.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 disallowed on any of the grounds set out in section 381 (3) . (sec.386-ssec.4) The law society may exercise its rights and remedies under this section in its own name or in the name of the claimant. (sec.386-ssec.5) If the law society 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. (sec.386-ssec.6) The law society may exercise its rights and remedies under this section even though any limitation periods under this part have expired. (sec.386-ssec.7) The law society must pay into the fidelity fund any money recovered in exercising its rights and remedies under this section. - (a) the associate about whom the claim is made; or - (b) the person authorised to administer the estate of the associate about whom the claim is made and who is deceased or an insolvent under administration.