Claims by legal practitioners and incorporated legal practices
66 Claims by legal practitioners and incorporated legal practices
A legal practitioner or incorporated legal practice who has paid compensation to any person for pecuniary loss suffered in consequence of a fiduciary or professional default by a partner, director, clerk, officer or employee of the legal practitioner or legal practice may make a claim under this Part in respect of the payment provided that, in the case of a fiduciary or professional default by a partner or a legal practitioner director, the default consisted of a defalcation, misappropriation or misapplication of trust money or dishonest conduct.
A claim of a kind referred to in subsection (1) is not a valid claim for the purposes of this Part unless the Society is satisfied that—
all legal or equitable claims in respect of the fiduciary or professional default (other than this claim against the Fidelity Fund) have been fully satisfied; and
the legal practitioner or incorporated legal practice acted honestly and without negligence.
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