326Rights of subrogation

1. On payment out of the Lawyers' Fidelity Fund or the Conveyancing Practitioners' Fidelity Fund of any money in settlement in whole or in part of any claim under this Part, the society by which the money is paid is subrogated, to the extent of the payment, to all rights and remedies of the claimant against the practitioner or the agent of the practitioner in respect of whom the claim arose or, in the event of the death or insolvency or other disability of the practitioner or the agent of the practitioner, against his or her personal representatives or other persons having authority to administer his or her estate, and to all other rights and remedies.

2. A society to which subsection (1) applies may, by virtue of the rights conferred by that subsection,—

3. exercise, in its own name, all relevant rights of action and other legal remedies available against the defaulting practitioner or any other person in respect of the loss suffered by the claimant; and
4. if successful in any proceedings commenced pursuant to paragraph (a), be entitled to recover from the defaulting practitioner or any other person against whom the proceedings are successfully taken the costs incurred by the society in taking those proceedings.