Part 10Fidelity Funds
321Application of Conveyancing Practitioners' Fidelity Fund
Subject to this Part, the Conveyancing Practitioners' Fidelity Fund must be held and applied for the purpose of reimbursing persons who suffer pecuniary loss by reason of a claim event arising from the action of a person who is—
- a conveyancing practitioner to whom this Part applies; or
- the agent of a conveyancing practitioner to whom this Part applies.
No person is entitled to recover from the Conveyancing Practitioners' Fidelity Fund an amount greater than the balance of the loss suffered by that person after deducting from the total amount of that person's loss the amount or value of all money or other benefits received or receivable by that person from any source other than the fund in reduction of that person's loss, including any benefits received by reason of professional services rendered or disbursements paid by the defaulting conveyancing practitioner or agent.
No money may be paid out of the Conveyancing Practitioners' Fidelity Fund as interest on the amount of any judgment obtained or of any claim admitted against the fund.
This section is subject to any rules made under paragraphs (j) to (l) of section 311(1).
Compare
- 1982 No 123 ss 169(1), 171(2), (3)