§ 43-23.2-08 — Limitation of payment - Pro rata distribution

North Dakota § 43-23.2-08

• Jurisdiction: North Dakota
• Title 43: Occupations and Professions
• Ch. 43-23.2: Real Estate Education Fund

Text

Notwithstanding any other provision of this chapter, the liability of that portion of the fund
allocated for the purposes of this chapter may not exceed fifteen thousand dollars for any one
licensee. If the fifteen thousand dollar liability of the fund is insufficient to pay in full the valid
claims of all aggrieved persons by whom claims have been filed against any one licensee, such
fifteen thousand dollars must be distributed among them in the ratio that their respective claims
bear to the aggregate of such valid claims or in such other manner as the court deems
equitable. Distribution of such moneys must be among the persons entitled to share therein,
without regard to the order or priority in which their respective judgments may have been
obtained or their claims have been filed. Upon petition of the commission the court may require
all claimants and prospective claimants against one licensee to be joined in one action, to the
end that the respective rights of all such claimants to the fund may be equitably adjudicated and
settled.