§ 36-21A-105 — Facts to be shown at hearing by applicant for payment from recovery fund.

At the hearing the applicant shall show the following: (1) He is not a spouse of the judgment debtor, or the personal representative of such spouse; (2) If he is licensed under this chapter, he was not acting as a principal or agent in a real estate transaction; (3) He has complied with all the requirements of §§ 36-21A-101 to 36-21A-115 , inclusive; (4) He has obtained a judgment stating the amount thereof and the amount owing thereon at the date of the application; (5) He has made all reasonable searches and inquiries to ascertain whether the judgment debtor possesses real or personal property or other assets, liable to be sold or applied in satisfaction of the judgment; (6) If he has discovered property or other assets owned by the judgment debtor and liable to be applied in satisfaction of the debt he shall further show that he has taken all necessary action and proceedings for the realization thereof, and that the amount thereby realized was insufficient to satisfy the judgment, stating the amount so realized and the balance remaining due on the judgment after application of the amount realized; (7) Any amount recovered from the judgment debtor or debtors and any amount recovered in out - of - court settlements as to particular defendants, if any, have been applied to the actual and compensatory damages awarded by the court; (8) He has diligently pursued his remedies against all the judgment debtors and all other persons liable to him in the transaction for which he seeks recovery from the real estate recovery fund; and (9) He is making the application within one year after the judgment becomes final, or within one year after the termination of any review or appeal of the judgment.

Legislative History

SL 1992, ch 273, § 105.