Indiana § 25-6.1-8-5 Claims against single licensee in excess of dollar limitation; joinder of
claims; payment; insufficient funds

Indiana Statutes

§ 25-6.1-8-5 — Claims against single licensee in excess of dollar limitation; joinder of claims; payment; insufficient funds

Indiana § 25-6.1-8-5

Title 25PROFESSIONS AND OCCUPATIONS

Art. 6.1AUCTIONEERS AND AUCTIONS

Ch. 8Auctioneer Recovery Fund

This text of Indiana § 25-6.1-8-5 (Claims against single licensee in excess of dollar limitation; joinder of claims; payment; insufficient funds) 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 § 25-6.1-8-5 (2026).

Text

(a)If the payment in full of two (2) or more pending valid claims that have been filed by aggrieved persons against a single licensee would exceed the fifty thousand dollar ($50,000) limit set forth in section 4 of this chapter, the fifty thousand dollars ($50,000) shall be distributed among the aggrieved persons in the ratio that their respective claims bear to the aggregate of all valid claims or in any other manner that the commission may determine equitable. This money shall be distributed among the persons entitled to share in it without regard to the order of priority in which their respective judgments have been obtained or their claims have been filed.

(b)The commission shall consider pending applications filed by all claimants and prospective claimants against one (1) licensee j

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(a) If the payment in full of two (2) or more
pending valid claims that have been filed by aggrieved persons against
a single licensee would exceed the fifty thousand dollar ($50,000) limit
set forth in section 4 of this chapter, the fifty thousand dollars
($50,000) shall be distributed among the aggrieved persons in the ratio
that their respective claims bear to the aggregate of all valid claims or
in any other manner that the commission may determine equitable. This
money shall be distributed among the persons entitled to share in it
without regard to the order of priority in which their respective
judgments have been obtained or their claims have been filed.
(b) The commission shall consider pending applications filed by all
claimants and prospective claimants against one (1) licensee jointly to
the end that the respective rights of all the claimants to the commission
may be equitably adjudicated and settled.
(c) On June 30 and December 31 of each year, the auctioneer
commission shall identify each claim that the commission orders to be
paid during the six (6) month period that ended on that day. The
commission shall pay the part of each claim that is so identified within
fifteen (15) days after the end of the six (6) month period in which the
claim is ordered paid. However, if the balance in the fund is
insufficient to pay the full payable amount of each claim that is ordered
to be paid during a six (6) month period, the commission shall pay a
prorated portion of each claim that is ordered to be paid during the
period. Any part of the payable amount of a claim left unpaid due to the
prorating of payments under this subsection must be paid (subject to
the fifty thousand dollar ($50,000) limit described in section 4 of this
chapter) before the payment of claims ordered to be paid during the
following six (6) month period.