120.—(1) This section applies to loss sustained by any person by reason of—

(a) the rectification F154[…] of any such error in registration as may be rectified under subsection (1) of section 32, or

(b) any error originating in the Land Registry (whether of misstatement, misdescription, omission or otherwise, and whether in a register or in a registry map) which occurs in registration and is not rectified under the said subsection (1), or

(c) any entry in or omission from a register or registry map caused or obtained by forgery or fraud, or

(d) any error in an official search carried out by F155[the Authority] or any of F156[its] officers, or

(e) the inaccuracy of any office copy of or extract from a register or registry map, or of any office copy of or extract from any document or plan filed in the Land Registry.

(2) Where any person sustains loss to which this section applies, and the loss is not caused or substantially contributed to by the act, neglect or default of himself or his agent, that person and also any person deriving title from him shall be entitled to compensation for that loss in accordance with this section.

(3) In the case of rectification of an error F154[…] under subsection (1) of section 32, the costs and expenses incurred by the applicant in obtaining the rectification shall be deemed to be a loss to which this section applies.

(4) All compensation payable under this section shall be paid out of moneys provided by the Oireachtas.

(5) The following provisions shall apply to every claim for compensation under this section:

(a) the claim shall be made in the prescribed manner to F155[the Authority] and notice thereof shall be given to the Minister for Finance;

F157[(b) if the claim is not settled, the claimant or the Minister for Finance may apply to the court to determine the amount (if any) of compensation payable;]

(c) no claim shall be entertained by F155[the Authority] after the expiration of a period of six years from the time when the right to compensation accrued unless, on the expiration of such period the person entitled to claim was under disability, in which case the claim shall not be entertained after the expiration of two years from the termination of the disability, but the determination of F155[the Authority] to refuse or allow a claim under this paragraph shall be subject to appeal to the court;

(d) for the purposes of paragraph (c), the right to compensation shall be deemed to have accrued—

(i) in regard to any estate or interest in possession, on the date of the registration which occasioned the loss in respect of which compensation is claimed, or

(ii) in regard to any estate or interest in remainder or reversion, on the date when such estate or interest would, but for such registration as aforesaid, have fallen into possession;

(e) the compensation shall include the costs incurred by the claimant in establishing his claim.

(6) Where compensation is paid under this section to any person—

(a) the compensation (other than costs) shall be applicable in discharge of any incumbrances affecting the estate or interest of that person in the land or charge in respect of which the compensation is payable;

(b) the Minister for Finance shall have the same right to recover the amount of such compensation from any person who caused or derived advantage from the loss as the person who suffered the loss would have had if the loss were an injury caused to him by the first mentioned person.