Nevada § 645.848 Distribution of payment from Fund if claims exceed maximum liability of Fund; order of payment of claims if balance of Fund insufficient; interest; use of certain money deposited in Fund

Nevada Statutes

§ 645.848 — Distribution of payment from Fund if claims exceed maximum liability of Fund; order of payment of claims if balance of Fund insufficient; interest; use of certain money deposited in Fund

Nevada § 645.848

Title 54PROFESSIONS, OCCUPATIONS AND BUSINESSES

Ch. 645Real

REAL ESTATE EDUCATION, RESEARCH AND RECOVERY FUND

This text of Nevada § 645.848 (Distribution of payment from Fund if claims exceed maximum liability of Fund; order of payment of claims if balance of Fund insufficient; interest; use of certain money deposited in Fund) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 645.848 (2026).

Text

1.Whenever claims are filed against the Fund which total more than the maximum liability for the acts of one licensee, the maximum liability of the Fund for each licensee must be distributed among the claimants in a ratio that their respective claims bear to the total of all claims, or in any other manner that the court may find equitable.

2.The distribution must be made without regard to the order of priority in which claims were filed or judgments entered.

3.Upon petition of the Administrator, the court may require all claimants and prospective claimants to be joined in one action so that the respective rights of all claimants may be equitably determined.

4.If, at any time, the money deposited in the Fund and allotted for satisfying claims against licensees is insufficient to satisfy

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1. Whenever claims are filed against the Fund which total more than the maximum liability for the acts of one licensee, the maximum liability of the Fund for each licensee must be distributed among the claimants in a ratio that their respective claims bear to the total of all claims, or in any other manner that the court may find equitable.
2. The distribution must be made without regard to the order of priority in which claims were filed or judgments entered.
3. Upon petition of the Administrator, the court may require all claimants and prospective claimants to be joined in one action so that the respective rights of all claimants may be equitably determined.
4. If, at any time, the money deposited in the Fund and allotted for satisfying claims against licensees is insufficient to satisfy any authorized claim or portion thereof, the Administrator shall, when sufficient money has been deposited in the Fund, satisfy the unpaid claims or portions thereof, in the order that the claims or portions thereof were originally filed, plus accumulated interest at the rate of 6 percent per annum. Any sums received by the Division pursuant to NRS 645.847 and 645.8491 must be deposited in the State Treasury for credit to the account for education and research in the Fund.