Claims by law practices or associates about notional defaults
421 Claims by law practices or associates about notional defaults
This section applies if a default of a law practice arising from or constituted by an act or omission of an associate of the practice was avoided, remedied or reduced by a financial contribution made by the practice or by one or more other associates.
The default, to the extent that it was avoided, remedied or reduced, is referred to in this section as a notional default.
This Part applies to a notional default in the same way as it applies to other defaults of law practices, but only the law practice or the other associate or associates concerned are eligible to make claims about the notional default.
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