South Australian Current Acts South Australian Current Acts66—Claims by legal practitioners and incorporated legal practices
(1) 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.
(2) 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—
(a) 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
(b) the
legal practitioner or incorporated legal practice acted honestly and without
negligence.