122ZASubrogation of Corporation to claimant’s rights etc.

##### 122ZA Subrogation of Corporation to claimant’s rights etc. (1) Where the Corporation: (a) allows under subsection 122J(2) or 122L(2) a claim made under Division 6 in respect of a sale of securities; or (b) allows under subsection 122K(2) or 122M(2) a claim made under Division 6 in respect of a purchase of securities; the Corporation is subrogated to all the claimant’s rights and remedies in relation to the sale or purchase, as the case may be. (1A) Where the Corporation allows a claim made under Division 6A in respect of loss suffered, in respect of securities, because of an unauthorised execution of a document, the Corporation is subrogated to all the rights and remedies that the claimant has in relation to the securities because of the unauthorised execution. (2) Where the Corporation allows a claim made under Division 7 in respect of property, the Corporation is subrogated to all the claimant’s rights and remedies in relation to the property. (3) Where, by virtue of this section, the Corporation is subrogated to a right or remedy that a person has against another person, then: (a) if the Corporation has reason to believe that an insurer may be liable to indemnify the other person in respect of the subject matter of the right or remedy—the Corporation shall serve a notice on the insurer setting out particulars of the right or remedy and stating that the Corporation is, by virtue of this section, subrogated to the right or remedy; (b) an insurer that considers that it may be liable so to indemnify the other person may, whether or not the Corporation has served a notice on the insurer pursuant to paragraph (a), apply to be joined as a party to a proceeding that relates to the right or remedy and to which the first‑mentioned person or the Corporation is a party; and (c) the first‑mentioned person or the Corporation may, to the extent of the liability of an insurer so to indemnify the other person, enforce against the insurer a judgment or order obtained in such a proceeding in so far as the proceeding relates to the right or remedy. (4) Except as provided in this section, nothing in this Part affects a right or remedy that a claimant under Division 6, 6A or 7 has against a person other than the Corporation.