Indiana Code 25-34.1-7-4. Applications for order directing payment out of fund; amount of loss; limitation on recovery
(1) embezzlement of money or property; or
Terms Used In Indiana Code 25-34.1-7-4
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Commission: means the Indiana real estate commission. See Indiana Code 25-34.1-1-2
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- License: means a broker license issued under this article and which is not expired, suspended, or revoked. See Indiana Code 25-34.1-1-2
- Licensee: means a person who holds a license issued under this article. See Indiana Code 25-34.1-1-2
- Person: means an individual, a partnership, a corporation, or a limited liability company. See Indiana Code 25-34.1-1-2
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Real estate: means any right, title, or interest in real property. See Indiana Code 25-34.1-1-2
- Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
that results in an actual cash loss to the aggrieved person (as opposed to loss in market value), the person may, upon termination of all proceedings including appeals and proceedings supplemental to judgment for collection purposes, file a verified application with the commission for an order directing payment out of the real estate recovery fund of the amount of actual and direct loss in the transaction that remains unpaid upon the judgment. The amount of actual and direct loss may include court costs but may not include attorney‘s fees or punitive damages awarded. The amount that may be paid from the real estate recovery fund may not exceed twenty thousand dollars ($20,000) per judgment and an aggregate lifetime limit of fifty thousand dollars ($50,000) with respect to any one (1) licensee.
(b) This section applies only to a final judgment that awards damages for an act by the licensee described in subsections (a)(1) through (a)(2) that arises directly out of any transaction:
(1) that occurred when the licensee was licensed;
(2) for which a license was required under IC 25-34.1; and
(3) that occurred after December 31, 1987.
As added by P.L.255-1987, SEC.6. Amended by P.L.134-2013, SEC.17.