Indiana § 25-34.1-7-4 Applications for order directing payment out of fund; amount of loss;
limitation on recovery

Indiana Statutes

§ 25-34.1-7-4 — Applications for order directing payment out of fund; amount of loss; limitation on recovery

Indiana § 25-34.1-7-4

Title 25PROFESSIONS AND OCCUPATIONS

Art. 34.1REAL ESTATE BROKERS AND

Ch. 7Real Estate Recovery Fund

This text of Indiana § 25-34.1-7-4 (Applications for order directing payment out of fund; amount of loss; limitation on recovery) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 25-34.1-7-4 (2026).

Text

(a)If any aggrieved person obtains a final judgment in any court against a licensee to recover damages for any act of:

(1)embezzlement of money or property; or

(2)unlawfully obtaining money or property by false pretenses, use of a device, trickery, or forgery; that results in an actual cash loss to the aggrieved person (as opposed to loss in market value), the person may, upon termination of all proceedings including appeals and proceedings supplemental to judgment for collection purposes, file a verified application with the commission for an order directing payment out of the real estate recovery fund of the amount of actual and direct loss in the transaction that remains unpaid upon the judgment. The amount of actual and direct loss may include court costs but may not include attorne

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(a) If any aggrieved person obtains a final
judgment in any court against a licensee to recover damages for any act
of:
(1) embezzlement of money or property; or
(2) unlawfully obtaining money or property by false pretenses, use
of a device, trickery, or forgery;
that results in an actual cash loss to the aggrieved person (as opposed
to loss in market value), the person may, upon termination of all
proceedings including appeals and proceedings supplemental to
judgment for collection purposes, file a verified application with the
commission for an order directing payment out of the real estate
recovery fund of the amount of actual and direct loss in the transaction
that remains unpaid upon the judgment. The amount of actual and
direct loss may include court costs but may not include attorney's fees
or punitive damages awarded. The amount that may be paid from the
real estate recovery fund may not exceed twenty thousand dollars
($20,000) per judgment and an aggregate lifetime limit of fifty
thousand dollars ($50,000) with respect to any one (1) licensee.
(b) This section applies only to a final judgment that awards
damages for an act by the licensee described in subsections (a)(1)
through (a)(2) that arises directly out of any transaction:
(1) that occurred when the licensee was licensed;
(2) for which a license was required under IC 25-34.1; and
(3) that occurred after December 31, 1987.