221Defaults to which this Part applies

221 Defaults to which this Part applies

221 Defaults to which this Part applies

(1) This Part applies to a default of a law practice only to the extent that it occurs in connection with the provision of legal services by the law practice.

Note

See section 233 for entitlement to make a claim for a default.

(2) It is immaterial where a default occurs.

(3) This Part applies to a default even though an associate involved was but is no longer an Australian legal practitioner or an Australian-registered foreign lawyer.

(4) This Part does not apply to defaults or classes of defaults specified in the Uniform Rules.

Note

Money entrusted to or held by a law practice for or in connection with a managed investment scheme, or mortgage financing, undertaken by the law practice is not trust money for the purposes of this Law (see section 129(2)).