Real Estate Act

Part 4 - Real Estate Assurance Fund

Section 61 - Subrogation of Rights
61(1)

When a payment has been made from the Fund under section 60 or 60.3, the Council is subrogated to the rights, remedies and securities, including any amounts held in trust, to which the person receiving the payment was entitled as against the industry member whose conduct gave rise to the payment, and those rights, remedies and securities may be enforced or realized, as the case may be, in the name of the Council to the extent of the amount paid from the Fund.

(2) The Council may by an action in debt recover from the industry member whose conduct gave rise to a payment from the Fund under section 60 the amounts of any costs and expenses incurred by the Council in connection with audits, reviews, examinations, investigations and hearings relating to claims against the Fund arising from the conduct of the industry member.
 

RSA 2000 cR‑5 s61;2007 c39 s38

 

Continue with Part 4 Section 62 - Winding-up of Fund

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