—(1) Any person intending to claim against the assurance fund shall, not less than 14 days before the commencement of the action, serve notice of his claim on the Registrar as nominal defendant, stating the grounds on which his claim is made and the amount claimed.
(2) The Registrar may tender in settlement of the claim the amount claimed or any lesser amount, and if the claimant rejects that tender and fails later to recover damages exceeding the amount tendered by 20% of that amount, he shall pay, in addition to his own costs, the costs of the Registrar in defending the action.
(3) If in any such action the plaintiff recovers final judgment against the Registrar, then the court shall certify the fact of the judgment and the amount of damages and costs recovered, and the amount of those damages and (except as provided in subsection (2)) those costs shall be —
paid to the person recovering them; and
charged to the account of the assurance fund.
(4) In all other cases, the Registrar’s costs shall be payable by the plaintiff.
(5) Notwithstanding anything to the contrary in section 155, any person deprived of land to a value of not more than $1,000, or sustaining loss or damage of not more than that amount, may claim against the assurance fund in the first instance and the Registrar may settle or compound the claim.