54.1-1123 - Limitations upon recovery from Fund; certain actions not a bar to recovery.
§ 54.1-1123. Limitations upon recovery from Fund; certainactions not a bar to recovery.
A. The maximum claim of one claimant against the Fund basedupon an unpaid judgment arising out of the improper or dishonest conduct of oneregulant in connection with a single transaction involving contracting, islimited to $20,000, regardless of the amount of the unpaid judgment of theclaimant.
B. The aggregate of claims against the Fund based upon unpaidjudgments arising out of the improper or dishonest conduct of any one regulantinvolving contracting, is limited by the Board to $40,000 during any biennium.If a claim has been made against the Fund, and the Board has reason to believethere may be additional claims against the Fund from other transactionsinvolving the same regulant, the Board may withhold any payment(s) from theFund involving such regulant for a period of not more than one year from thedate on which the claimant is awarded in a court of competent jurisdiction inthe Commonwealth the final judgment on which his claim against the Fund isbased. After this one-year period, if the aggregate of claims against theregulant exceeds $40,000, during a biennium, $40,000 shall be prorated by theBoard among the claimants and paid from the Fund in proportion to the amountsof their judgments against the regulant remaining unpaid.
C. Excluded from the amount of any unpaid judgment upon whicha claim against the Fund is based shall be any sums representing interest, orpunitive or exemplary damages, or any amounts that do not constitute actualmonetary loss to the claimants. Such claim against the Fund may include courtcosts and attorneys' fees.
D. If, at any time, the amount of the Fund is insufficient tofully satisfy any claims or claim filed with the Board and authorized by thisAct, the Board shall pay such claims, claim, or portion thereof to theclaimants in the order that the claims were filed with the Board.
E. Failure of a claimant to comply with the provisions ofsubdivisions A 1 and A 2 and subsection B of § 54.1-1120 and theprovisions of § 54.1-1124 shall not be a bar to recovery under this Act if theclaimant is otherwise entitled to such recovery.
F. The Board shall have the authority to deny any claim whichotherwise appears to meet the requirements of the Act if it finds by clear andconvincing evidence that the claimant has presented false information orengaged in collusion to circumvent any of the requirements of the Act.
(1980, c. 635, § 54-145.3:5; 1984, c. 270; 1987, cc. 555, 562;1988, c. 765; 1990, cc. 437, 911; 1997, c. 885; 1999, c. 262; 2005, c. 252.)