CONVEYANCERS LICENSING ACT 2003 - SECT 113
Recovery of compensation for disposal of receivable property
CONVEYANCERS LICENSING ACT 2003 - SECT 113
Recovery of compensation for disposal of receivable property
113 Recovery of compensation for disposal of receivable property
(1) If receivable property has at any time been taken by, or paid or
transferred to, a person unlawfully or in breach of trust in circumstances in
which--
(a) the person knew or believed at the time that the taking, payment
or transfer was unlawful or in breach of trust, or
(b) there was no
consideration for the taking, payment or transfer, or
(c) there was
inadequate consideration for the taking, payment or transfer, or
(d) the
person became indebted or otherwise liable to the relevant licensee or
relevant associate, or to a client of the licensee, as a result of the taking,
payment or transfer,
the receiver may recover from the person, as a debt, the
amount taken, paid or transferred, the amount of the inadequacy or the amount
of the debt, as the case may be.
(2) A person from whom an amount is
recovered under subsection (1) is not liable to any other person in respect of
the amount.
(3) If receivable property has at any time been paid or
transferred unlawfully or in breach of trust to, or for the benefit of, a
person in respect of a cause of action the person claims to have against
another person, the receiver--
(a) may recover from the person as a debt the
amount of the payment or the value of the property, or
(b) to the extent to
which the full amount or value is not recovered from the person under
paragraph (a)--may take such proceedings in relation to the claimed cause of
action as the person could have taken.
(4) If a receiver takes proceedings
under subsection (3) (b) in relation to a cause of action claimed by a person,
the receiver may not later take proceedings under subsection (3) (a) to
recover property paid or transferred to the person in respect of the same
cause of action.
(5) If receivable property is used unlawfully or in breach
of trust to discharge a debt or liability of a person, the receiver may
recover from the person as a debt the amount that was required for the
discharge of the debt or liability, reduced by the value of any consideration
provided by the person for the discharge.
(6) Recovery proceedings under this
section may be taken in the name of the receiver or in the name of any other
person who, had the receiver not been appointed, would have been entitled to
take the proceedings.
