(a)If any person obtains a final judgment in any court of
competent jurisdiction against any licensee on the grounds of
fraud, willful misrepresentation, deceit or conversion of trust
funds arising directly out of any transaction which occurred
when the licensee was licensed by the commission and in which
the licensee performed any real estate activity, that person,
within one (1) year of termination of all proceedings, including
appeals, may file with the commission a verified petition in the
court in which the judgment was entered for an order directing
payment out of the real estate recovery account in the amount of
actual damages included in the judgment and unpaid, and that a
writ of execution has been returned unsatisfied, but for not
more than ten thousand dollars ($10,000.00).
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(a) If any person obtains a final judgment in any court of
competent jurisdiction against any licensee on the grounds of
fraud, willful misrepresentation, deceit or conversion of trust
funds arising directly out of any transaction which occurred
when the licensee was licensed by the commission and in which
the licensee performed any real estate activity, that person,
within one (1) year of termination of all proceedings, including
appeals, may file with the commission a verified petition in the
court in which the judgment was entered for an order directing
payment out of the real estate recovery account in the amount of
actual damages included in the judgment and unpaid, and that a
writ of execution has been returned unsatisfied, but for not
more than ten thousand dollars ($10,000.00).
(b) If the payment from the real estate recovery account
is insufficient to pay in full the valid claims of all who have
claims on file at any time the money in the account shall be
distributed among them in the ratio that their respective claims
bear to the aggregate of the valid claims or in a manner that a
court deems equitable. Distribution of any monies shall be among
the persons entitled to share the monies without regard to the
order of priority in which their respective judgments were
obtained or their claims were filed.
(c) Any licensee who cannot personally be served with a
copy of a summons and complaint through reasonable diligence,
shall be deemed to have appointed the director of the commission
as his agent for service of process for purposes of actions
filed against him pursuant to subsection (a) of this section.
Service of process pursuant to subsection (b) of this section
shall be made under the Wyoming Rules of Civil Procedure.
(d) In lieu of the petition under subsection (a) of this
section for an order directing payment out of the real estate
recovery account, a person filing an action against a licensee
of a type described in subsection (a) of this section may join
the real estate recovery account as a limited third party
defendant and have judgment rendered directly against the
account in the amount provided in subsection (a) of this section
provided:
(i) Service of summons and complaint is made on the
real estate commission;
(ii) The account may assert all defenses available to
defendant licensee;
(iii) Plaintiff posts a bond in the amount of ten
percent (10%) of the actual damages he seeks from the account to
guarantee costs.
(e) The commission may defend any action against the fund
on behalf of the fund and in the name of the defendant.
(f) Recovery against the bond required in paragraph
(d)(iii) of this section shall be authorized by the court if it
rules in favor of the commission on behalf of the fund.