Are You Familiar with North Carolina Auctioneer Recovery Fund Requirements?

North Carolina Auctioneer Recovery Fund Requirements

• The North Carolina Auctioneer Recovery Fund provides compensation for monetary losses resulting from conversion of funds or property or other fraudulent acts by licensed auctioneers, apprentice auctioneers, or auction firms.
• To seek compensation from the Fund, the aggrieved person must have sued the licensee in a court of competent jurisdiction and filed written notice of the lawsuit with the Commission within 60 days after its commencement.
• If the total loss claimed, excluding attorneys' fees, is less than $2,500, the notice may be filed within 90 days after the termination of all judicial proceedings, including appeals.
• The aggrieved person must obtain a final judgment in a court of competent jurisdiction against the licensee based on conversion or other fraudulent conduct arising out of a transaction that occurred when the licensee was licensed by the Commission and acting in a capacity for which a North Carolina license is required.
• The execution on the judgment must have been issued and returned unsatisfied in whole or in part.
• The applicant must file a verified application with the Commission for payment out of the Fund of the amount remaining unpaid on the judgment that represents the actual and direct loss sustained by reason of conversion or other fraudulent conduct.
• The Commission shall conduct a hearing upon the application and the aggrieved person shall be required to show that they meet certain requirements, including having made all reasonable searches and inquiries to ascertain whether the judgment debtor is possessed of real or personal property or other assets subject to be sold or applied in satisfaction of the judgment.
• The Commission may order payment from the Fund, without requiring a prior judicial determination, if the total loss claimed by the claimant is $2,500 or less, the amount of alleged loss is readily ascertainable rather than speculative in nature, and justice would be better served by allowing compensation to be paid without first requiring the aggrieved party to obtain a judgment from a court of competent jurisdiction.
• Applications for payment from the Fund shall be heard and decided by a majority of the members of the Commission.
• Payments from the Fund are subject to certain limitations, including that the right to recovery under this Article shall be forever barred unless timely notice is given and application is made within one year after termination of all proceedings, including appeals, in connection with the judgment.
• The Fund shall not be liable for more than $10,000 per transaction, regardless of the number of persons aggrieved, and the liability of the Fund shall not exceed $10,000 for any one licensee within a single calendar year, and in no event shall it exceed $20,000 for any one licensee.
• The Fund shall not be liable for payment of any judgment awards of consequential damages, multiple or punitive damages, civil penalties, incidental damages, special damages, interest, costs of court or action, or other similar awards.

North Carolina Auctioneer Recovery Fund Requirements

• The North Carolina Auctioneer Recovery Fund provides compensation for monetary losses resulting from conversion of funds or property or other fraudulent acts by licensed auctioneers, apprentice auctioneers, or auction firms.
• To seek compensation from the Fund, the aggrieved person must have sued the licensee in a court of competent jurisdiction and filed written notice of the lawsuit with the Commission within 60 days after its commencement.
• If the total loss claimed, excluding attorneys' fees, is less than $2,500, the notice may be filed within 90 days after the termination of all judicial proceedings, including appeals.
• The aggrieved person must obtain a final judgment in a court of competent jurisdiction against the licensee based on conversion or other fraudulent conduct arising out of a transaction that occurred when the licensee was licensed by the Commission and acting in a capacity for which a North Carolina license is required.
• The execution on the judgment must have been issued and returned unsatisfied in whole or in part.
• The applicant must file a verified application with the Commission for payment out of the Fund of the amount remaining unpaid on the judgment that represents the actual and direct loss sustained by reason of conversion or other fraudulent conduct.
• The Commission shall conduct a hearing upon the application and the aggrieved person shall be required to show that they meet certain requirements, including having made all reasonable searches and inquiries to ascertain whether the judgment debtor is possessed of real or personal property or other assets subject to be sold or applied in satisfaction of the judgment.
• The Commission may order payment from the Fund, without requiring a prior judicial determination, if the total loss claimed by the claimant is $2,500 or less, the amount of alleged loss is readily ascertainable rather than speculative in nature, and justice would be better served by allowing compensation to be paid without first requiring the aggrieved party to obtain a judgment from a court of competent jurisdiction.
• Applications for payment from the Fund shall be heard and decided by a majority of the members of the Commission.
• Payments from the Fund are subject to certain limitations, including that the right to recovery under this Article shall be forever barred unless timely notice is given and application is made within one year after termination of all proceedings, including appeals, in connection with the judgment.
• The Fund shall not be liable for more than $10,000 per transaction, regardless of the number of persons aggrieved, and the liability of the Fund shall not exceed $10,000 for any one licensee within a single calendar year, and in no event shall it exceed $20,000 for any one licensee.
• The Fund shall not be liable for payment of any judgment awards of consequential damages, multiple or punitive damages, civil penalties, incidental damages, special damages, interest, costs of court or action, or other similar awards.

North Carolina Auctioneer Recovery Fund Requirements

• The North Carolina Auctioneer Recovery Fund provides compensation for monetary losses resulting from conversion of funds or property or other fraudulent acts by licensed auctioneers, apprentice auctioneers, or auction firms.
• To seek compensation from the Fund, the aggrieved person must have sued the licensee in a court of competent jurisdiction and filed written notice of the lawsuit with the Commission within 60 days after its commencement.
• If the total loss claimed, excluding attorneys' fees, is less than $2,500, the notice may be filed within 90 days after the termination of all judicial proceedings, including appeals.
• The aggrieved person must obtain a final judgment in a court of competent jurisdiction against the licensee based on conversion or other fraudulent conduct arising out of a transaction that occurred when the licensee was licensed by the Commission and acting in a capacity for which a North Carolina license is required.
• The execution on the judgment must have been issued and returned unsatisfied in whole or in part.
• The applicant must file a verified application with the Commission for payment out of the Fund of the amount remaining unpaid on the judgment that represents the actual and direct loss sustained by reason of conversion or other fraudulent conduct.
• The Commission shall conduct a hearing upon the application and the aggrieved person shall be required to show that they meet certain requirements, including having made all reasonable searches and inquiries to ascertain whether the judgment debtor is possessed of real or personal property or other assets subject to be sold or applied in satisfaction of the judgment.
• The Commission may order payment from the Fund, without requiring a prior judicial determination, if the total loss claimed by the claimant is $2,500 or less, the amount of alleged loss is readily ascertainable rather than speculative in nature, and justice would be better served by allowing compensation to be paid without first requiring the aggrieved party to obtain a judgment from a court of competent jurisdiction.
• Applications for payment from the Fund shall be heard and decided by a majority of the members of the Commission.
• Payments from the Fund are subject to certain limitations, including that the right to recovery under this Article shall be forever barred unless timely notice is given and application is made within one year after termination of all proceedings, including appeals, in connection with the judgment.
• The Fund shall not be liable for more than $10,000 per transaction, regardless of the number of persons aggrieved, and the liability of the Fund shall not exceed $10,000 for any one licensee within a single calendar year, and in no event shall it exceed $20,000 for any one licensee.
• The Fund shall not be liable for payment of any judgment awards of consequential damages, multiple or punitive damages, civil penalties, incidental damages, special damages, interest, costs of court or action, or other similar awards.

North Carolina Auctioneer Recovery Fund Requirements

• The North Carolina Auctioneer Recovery Fund provides compensation for monetary losses resulting from conversion of funds or property or other fraudulent acts by licensed auctioneers, apprentice auctioneers, or auction firms.
• To seek compensation from the Fund, the aggrieved person must have sued the licensee in a court of competent jurisdiction and filed written notice of the lawsuit with the Commission within 60 days after its commencement.
• If the total loss claimed, excluding attorneys' fees, is less than $2,500, the notice may be filed within 90 days after the termination of all judicial proceedings, including appeals.
• The aggrieved person must obtain a final judgment in a court of competent jurisdiction against the licensee based on conversion or other fraudulent conduct arising out of a transaction that occurred when the licensee was licensed by the Commission and acting in a capacity for which a North Carolina license is required.
• The execution on the judgment must have been issued and returned unsatisfied in whole or in part.
• The applicant must file a verified application with the Commission for payment out of the Fund of the amount remaining unpaid on the judgment that represents the actual and direct loss sustained by reason of conversion or other fraudulent conduct.
• The Commission shall conduct a hearing upon the application and the aggrieved person shall be required to show that they meet certain requirements, including having made all reasonable searches and inquiries to ascertain whether the judgment debtor is possessed of real or personal property or other assets subject to be sold or applied in satisfaction of the judgment.
• The Commission may order payment from the Fund, without requiring a prior judicial determination, if the total loss claimed by the claimant is $2,500 or less, the amount of alleged loss is readily ascertainable rather than speculative in nature, and justice would be better served by allowing compensation to be paid without first requiring the aggrieved party to obtain a judgment from a court of competent jurisdiction.
• Applications for payment from the Fund shall be heard and decided by a majority of the members of the Commission.
• Payments from the Fund are subject to certain limitations, including that the right to recovery under this Article shall be forever barred unless timely notice is given and application is made within one year after termination of all proceedings, including appeals, in connection with the judgment.
• The Fund shall not be liable for more than $10,000 per transaction, regardless of the number of persons aggrieved, and the liability of the Fund shall not exceed $10,000 for any one licensee within a single calendar year, and in no event shall it exceed $20,000 for any one licensee.
• The Fund shall not be liable for payment of any judgment awards of consequential damages, multiple or punitive damages, civil penalties, incidental damages, special damages, interest, costs of court or action, or other similar awards.