LEGAL PROFESSION ACT 1987 - SECT 121 Bar on claims against Fidelity Fund relating to regulated mortgages

This legislation has been repealed.

LEGAL PROFESSION ACT 1987 - SECT 121

121 Bar on claims against Fidelity Fund relating to regulated mortgages

(1) A person who is a lender or contributor under a regulated mortgage is not entitled to make a claim against the Fidelity Fund for the purpose of obtaining compensation for a pecuniary loss if the claim relates to a regulated mortgage in respect of which a solicitor is required to have fidelity insurance under section 120.

(2) Subsection (1) does not apply if the solicitor who acts for the lender or contributor fails to comply with the requirements of section 120 in respect of the mortgage.

(3) However, any claim on the Fidelity Fund by a lender or contributor to whom subsection (2) relates is to be dealt with as if the solicitor had complied with section 120 and, in particular, is to be subject to the same restrictions (including as to the amount of any compensation payable) as would have applied to a claim under a policy of fidelity insurance had such a policy been in force in respect of the solicitor as required by that section.