§ 25-6.1-8-4 — Claims against fund; applications; amount of loss; limitation on recovery

Indiana § 25-6.1-8-4

• Jurisdiction: Indiana
• Title 25: PROFESSIONS AND OCCUPATIONS
• Art. 6.1: AUCTIONEERS AND AUCTIONS
• Ch. 8: Auctioneer Recovery Fund

Text

(a) If any aggrieved person obtains a final
judgment in any court against any licensee to recover damages for
failure to meet the obligations of a licensee under this article and the
rules adopted under this article (with or without findings by the
auctioneer commission) that results in an actual cash loss to the
aggrieved person, 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 auctioneer 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 auctioneer 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 subsection (a) that
arises directly out of any transaction:
(1) that occurred when the licensee was licensed;
(2) for which a license was required under IC 25-6.1; and
(3) that occurred after December 31, 1987.

Legislative History

As added by P.L.256-1987, SEC.4. Amended by P.L.134-2013, SEC.3.