54.1-2116 - Limitations upon recovery from fund; certain actions not a bar to recovery.
§ 54.1-2116. Limitations upon recovery from fund; certain actions not a barto recovery.
A. The aggregate of claims by claimants against the fund based upon unpaidjudgments arising out of the improper or dishonest conduct of one regulant inconnection with a single transaction involving the sale, lease, or managementof real property, is limited to $50,000. If a claim has been made against thefund, and the Board has reason to believe that there may be additional claimsagainst the fund arising out of the same transaction, the Board may withholdany payment(s) from the fund for a period of not more than one year. Aftersuch one-year period, if the aggregate of claims arising out of the sametransaction exceeds $50,000, such $50,000 shall be prorated by the Boardamong the claimants and paid from the fund in proportion to the amounts oftheir judgments against the regulant remaining unpaid.
B. The maximum claim of one claimant against the fund based upon an unpaidjudgment arising out of the improper or dishonest conduct of one regulant inconnection with a single transaction involving the sale, lease, or managementof real property, shall be limited to $20,000, regardless of the number ofclaimants and regardless of the amount of the unpaid judgment of the claimant.
C. The aggregate of claims against the fund based upon unpaid judgmentsarising out of the improper or dishonest conduct of one regulant inconnection with more than a single transaction involving the sale, lease, ormanagement of real property is limited to $100,000 during any bienniallicense period, the biennial periods expiring on June 30 of eacheven-numbered year. If a claim has been made against the fund, and the Boardhas reason to believe that there may be additional claims against the fundfrom other transactions involving the same regulant, the Board may withholdany payment(s) from the fund involving such regulant for a period of not morethan one year. After the one-year period, if the aggregate of claims againstthe regulant exceeds $100,000, such $100,000 shall be prorated by the Boardamong the claimants and paid from the fund in proportion to the amounts oftheir judgments against the regulant remaining unpaid.
D. Excluded from the amount of any unpaid judgment upon which a claim againstthe fund is based shall be any sums included in the judgment which representinterest, or punitive or exemplary damages. The claim against the fund mayinclude court costs and attorneys' fees.
E. If, at any time, the amount of the fund is insufficient to satisfy anyclaims, claim, or portion thereof filed with the Board and authorized by theact, the Board shall, when the amount of the fund is sufficient to satisfysome or all of such claims, claim, or portion thereof, pay the claimants inthe order that such claims were filed with the Board.
F. Failure of a claimant to comply with the provisions of subdivisions 1 and2 of subsection A of § 54.1-2114 and the provisions of § 54.1-2117 shall notbe a bar to recovery under this act if the claimant is otherwise entitled tosuch recovery.
(1977, c. 69, § 54-765.5; 1987, c. 555; 1988, c. 765.)