LEGAL PROFESSION ACT 2006 - SECT 316 Definitions—pt 3.4

LEGAL PROFESSION ACT 2006 - SECT 316

In this part:

"capping and sufficiency provisions" means:

        (a)     for the ACT—section 348 (Caps on payments from fidelity fund) and section 349 (Sufficiency of fidelity fund); or

        (b)     for another jurisdiction—the provisions of the corresponding law of that jurisdiction that correspond to those sections.

"claim" means a claim under this part.

"claimant" means a person who makes a claim under this part.

"concerted interstate default" means a default of a law practice arising from or constituted by an act or omission—

        (a)     that was committed jointly by 2 or more associates of the practice; or

        (b)     parts of which were committed by different associates of the practice or different combinations of associates of the practice;

if the ACT is the relevant jurisdiction of at least 1 of the associates and another jurisdiction is the relevant jurisdiction of at least 1 of the associates.

"default", in relation to a law practice, means—

        (a)     a failure of the practice to pay or deliver trust money or trust property that was received by the practice in the course of legal practice by the practice, if the failure arises from an act or omission of an associate that involves dishonesty; or

        (b)     a fraudulent dealing with trust property that was received by the practice in the course of legal practice by the practice, if the fraudulent dealing arises from or is constituted by an act or omission of an associate that involves dishonesty.

"dishonesty" includes fraud.

"pecuniary loss", in relation to a default, means—

        (a)     the amount of trust money, or the value of trust property, that is not paid or delivered; or

        (b)     the amount of money that a person loses or is deprived of, or the loss of value of trust property, because of a fraudulent dealing.

"relevant jurisdiction"—see section 327.