AustLII Tasmanian Consolidated Acts

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LEGAL PROFESSION ACT 2007 - SECT 350

Definitions

In this Part –
allow a claim includes compromise or settle the claim;
capping and sufficiency provisions of –
(a) this jurisdiction, means section 392 (Caps on payments) and section 393 (Sufficiency of Guarantee Fund); or
(b) another jurisdiction, means the provisions of the corresponding law of that jurisdiction that correspond to those sections;
claim means a claim under this Part;
claimant means a person who makes a claim under this Part;
concerted interstate default means a default of a law practice arising from or constituted by an act or omission –
(a) that was committed jointly by 2 or more associates of the practice; or
(b) parts of which were committed by different associates of the practice or different combinations of associates of the practice –
where this jurisdiction is the relevant jurisdiction for at least one of the associates and another jurisdiction is the relevant jurisdiction for at least one of the associates;
default , in relation to a law practice, means –
(a) a failure of the practice to pay or deliver trust money or trust property that was received by the practice in the course of legal practice by the practice, where the failure arises from an act or omission of an associate that involves dishonesty; or
(b) a fraudulent dealing with trust property that was received by the practice in the course of legal practice by the practice, where the fraudulent dealing arises from or is constituted by an act or omission of an associate that involves dishonesty;
default order means an order made by the Supreme Court under section 369 (Default order);
designated trust deposit account means a trust deposit account designated by the Trust for the purposes of this Part;
dishonesty includes fraud;
external intervener means a person appointed as an external intervener under Chapter 5 ;
lowest balance means the lowest daily balance in any trust account held by a law practice;
pecuniary loss , in relation to a default, means –
(a) the amount of trust money, or the value of trust property, that is not paid or delivered; or
(b) the amount of money that a person loses or is deprived of, or the loss of value of trust property, as a result of a fraudulent dealing;
relevant jurisdiction  – see section 364 (Meaning of "relevant jurisdiction" );
specified deposit means an amount calculated by adding together –
(a) the lowest balance in a trust account held by a law practice; and
(b) the amount in a trust deposit account on the final day of the specified period;
specified period means –
(a) a period of 3 months ending on, and including, the last day of March, June, September and December in each year; or
(b) where another period is prescribed, that other period;
trust deposit account means a trust deposit account established by the Trust under section 636 .



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