Are You Familiar with North Carolina Auctioneer Recovery Fund Requirements?
97 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Under what circumstances can an individual seek compensation from the North Carolina Auctioneer Recovery Fund?

  • For any monetary loss
  • For fraudulent acts by licensed auctioneers only
  • For fraudulent acts by licensed auctioneers, apprentice auctioneers, or auction firms (correct)
  • For any legal dispute with a licensee

    • What is the time limit for filing a notice of a lawsuit with the Commission to seek compensation from the Fund?

  • 120 days after commencement of the lawsuit
  • 60 days after commencement of the lawsuit (correct)
  • 90 days after commencement of the lawsuit
  • 30 days after commencement of the lawsuit

    • What is the time limit for filing a notice of a lawsuit with the Commission if the total loss claimed is less than $2,500?

  • 60 days after the termination of all judicial proceedings
  • 120 days after the termination of all judicial proceedings
  • 30 days after the termination of all judicial proceedings
  • 90 days after the termination of all judicial proceedings (correct)

    • What is the requirement for obtaining compensation from the Fund?

    <p>The applicant must have a final judgment against the licensee</p> Signup and view all the answers

    What is the requirement for filing a verified application with the Commission for payment out of the Fund?

    <p>The applicant must file the application within 90 days of obtaining the final judgment</p> Signup and view all the answers

    What is the requirement for showing eligibility for compensation from the Fund?

    <p>The aggrieved person must 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</p> Signup and view all the answers

    Under what circumstances can the Commission order payment from the Fund without requiring a prior judicial determination?

    <p>If the total loss claimed by the claimant is $2,500 or less</p> Signup and view all the answers

    Who decides on applications for payment from the Fund?

    <p>A majority of the members of the Commission</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per transaction?

    <p>$10,000</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per licensee within a single calendar year?

    <p>$20,000</p> Signup and view all the answers

    What type of damages are not covered by the Fund?

    <p>Consequential damages, multiple or punitive damages</p> Signup and view all the answers

    What is the time limit for seeking recovery under the North Carolina Auctioneer Recovery Fund?

    <p>12 months after termination of all proceedings</p> Signup and view all the answers

    Under what circumstances can an individual seek compensation from the North Carolina Auctioneer Recovery Fund?

    <p>For fraudulent acts by licensed auctioneers, apprentice auctioneers, or auction firms</p> Signup and view all the answers

    What is the time limit for filing a notice of a lawsuit with the Commission to seek compensation from the Fund?

    <p>60 days after commencement of the lawsuit</p> Signup and view all the answers

    What is the time limit for filing a notice of a lawsuit with the Commission if the total loss claimed is less than $2,500?

    <p>90 days after the termination of all judicial proceedings</p> Signup and view all the answers

    What is the requirement for obtaining compensation from the Fund?

    <p>The applicant must have a final judgment against the licensee</p> Signup and view all the answers

    What is the requirement for filing a verified application with the Commission for payment out of the Fund?

    <p>The applicant must file the application within 90 days of obtaining the final judgment</p> Signup and view all the answers

    What is the requirement for showing eligibility for compensation from the Fund?

    <p>The aggrieved person must 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</p> Signup and view all the answers

    Under what circumstances can the Commission order payment from the Fund without requiring a prior judicial determination?

    <p>If the total loss claimed by the claimant is $2,500 or less</p> Signup and view all the answers

    Who decides on applications for payment from the Fund?

    <p>A majority of the members of the Commission</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per transaction?

    <p>$10,000</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per licensee within a single calendar year?

    <p>$20,000</p> Signup and view all the answers

    What type of damages are not covered by the Fund?

    <p>Consequential damages, multiple or punitive damages</p> Signup and view all the answers

    What is the time limit for seeking recovery under the North Carolina Auctioneer Recovery Fund?

    <p>12 months after termination of all proceedings</p> Signup and view all the answers

    Who can seek compensation from the North Carolina Auctioneer Recovery Fund?

    <p>Licensed auctioneers, apprentice auctioneers, or auction firms</p> Signup and view all the answers

    What is the time limit for filing a notice of lawsuit with the Commission to seek compensation from the Fund?

    <p>60 days</p> Signup and view all the answers

    What is the minimum loss claimed required to file a notice within 90 days after the termination of all judicial proceedings, including appeals?

    <p>Less than $2,500</p> Signup and view all the answers

    What kind of judgment must the aggrieved person obtain against the licensee to seek compensation from the Fund?

    <p>A final judgment</p> Signup and view all the answers

    What must happen to the judgment before the aggrieved person can file an application with the Commission for payment out of the Fund?

    <p>It must be executed</p> Signup and view all the answers

    What must the aggrieved person show during the hearing upon the application for payment from the Fund?

    <p>Proof of 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.</p> Signup and view all the answers

    Under what circumstances can the Commission order payment from the Fund without requiring a prior judicial determination?

    <p>If the total loss claimed by the claimant is $2,500 or less</p> Signup and view all the answers

    Who decides on the applications for payment from the Fund?

    <p>A majority of the members of the Commission</p> Signup and view all the answers

    What is the time limit for filing an application for payment from the Fund?

    <p>12 months after termination of all proceedings</p> Signup and view all the answers

    What is the maximum liability of the Fund for any one licensee within a single calendar year?

    <p>$10,000</p> Signup and view all the answers

    What kind of judgment awards is the Fund not liable for?

    <p>Consequential damages, multiple or punitive damages, and civil penalties</p> Signup and view all the answers

    What is the maximum liability of the Fund per transaction, regardless of the number of persons aggrieved?

    <p>$10,000</p> Signup and view all the answers

    What is the maximum amount of liability for the North Carolina Auctioneer Recovery Fund per transaction?

    <p>$10,000</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per licensee within a single calendar year?

    <p>$10,000</p> Signup and view all the answers

    What is the time limit for seeking recovery under the North Carolina Auctioneer Recovery Fund?

    <p>1 year</p> Signup and view all the answers

    What is the requirement for obtaining compensation from the Fund?

    <p>Obtain a final judgment in a court of competent jurisdiction against the licensee</p> Signup and view all the answers

    Under what circumstances can the Commission order payment from the Fund without requiring a prior judicial determination?

    <p>If the total loss claimed is $2,500 or less</p> Signup and view all the answers

    What is the requirement for filing a verified application with the Commission for payment out of the Fund?

    <p>The applicant must file a verified application with the Commission for payment out of the Fund of the amount remaining unpaid on the judgment</p> Signup and view all the answers

    Who decides on applications for payment from the Fund?

    <p>A majority of the members of the Commission</p> Signup and view all the answers

    What damages are not covered by the Fund?

    <p>Consequential damages, multiple or punitive damages, and civil penalties</p> Signup and view all the answers

    What is the time limit for filing a notice of a lawsuit with the Commission if the total loss claimed is less than $2,500?

    <p>90 days</p> Signup and view all the answers

    What is the requirement for showing eligibility for compensation from the Fund?

    <p>The aggrieved person must 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</p> Signup and view all the answers

    Under what circumstances can an individual seek compensation from the North Carolina Auctioneer Recovery Fund?

    <p>For monetary losses resulting from conversion of funds or property or other fraudulent acts by licensed auctioneers, apprentice auctioneers, or auction firms</p> Signup and view all the answers

    What is the time limit for filing a notice of a lawsuit with the Commission to seek compensation from the Fund?

    <p>60 days</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per transaction?

    <p>$10,000</p> Signup and view all the answers

    What is the time limit for seeking recovery under the North Carolina Auctioneer Recovery Fund?

    <p>1 year</p> Signup and view all the answers

    What is the requirement for obtaining compensation from the Fund?

    <p>Filing a lawsuit with the Commission</p> Signup and view all the answers

    What is the requirement for filing a verified application with the Commission for payment out of the Fund?

    <p>Obtaining a final judgment against the licensee</p> Signup and view all the answers

    Under what circumstances can the Commission order payment from the Fund without requiring a prior judicial determination?

    <p>If the amount of alleged loss is readily ascertainable</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per licensee within a single calendar year?

    <p>$10,000</p> Signup and view all the answers

    What is the purpose of the North Carolina Auctioneer Recovery Fund?

    <p>To provide compensation for fraud committed by auctioneers</p> Signup and view all the answers

    What is the requirement for showing eligibility for compensation from the Fund?

    <p>Making 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</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per transaction if multiple people are aggrieved?

    <p>$10,000</p> Signup and view all the answers

    What type of damages are not covered by the Fund?

    <p>All of the above</p> Signup and view all the answers

    What is the time limit for filing a notice of a lawsuit with the Commission if the total loss claimed is less than $2,500?

    <p>90 days</p> Signup and view all the answers

    Who decides on applications for payment from the Fund?

    <p>The Commission</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per transaction?

    <p>$10,000</p> Signup and view all the answers

    What is the time limit for seeking recovery under the North Carolina Auctioneer Recovery Fund?

    <p>1 year</p> Signup and view all the answers

    Under what circumstances can the Commission order payment from the Fund without requiring a prior judicial determination?

    <p>If the total loss claimed by the claimant is $2,500 or less</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per licensee within a single calendar year?

    <p>$10,000</p> Signup and view all the answers

    What is the requirement for obtaining compensation from the Fund?

    <p>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</p> Signup and view all the answers

    What is the requirement for filing a verified application with the Commission for payment out of the Fund?

    <p>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</p> Signup and view all the answers

    Under what circumstances can an individual seek compensation from the North Carolina Auctioneer Recovery Fund?

    <p>For monetary losses resulting from conversion of funds or property or other fraudulent acts by licensed auctioneers, apprentice auctioneers, or auction firms</p> Signup and view all the answers

    What is the time limit for filing a notice of a lawsuit with the Commission to seek compensation from the Fund?

    <p>60 days</p> Signup and view all the answers

    What is the time limit for filing a notice of a lawsuit with the Commission if the total loss claimed is less than $2,500?

    <p>90 days</p> Signup and view all the answers

    What is the requirement for showing eligibility for compensation from the Fund?

    <p>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</p> Signup and view all the answers

    Who decides on applications for payment from the Fund?

    <p>A majority of the members of the Commission</p> Signup and view all the answers

    What type of damages are not covered by the Fund?

    <p>All of the above</p> Signup and view all the answers

    What is the maximum amount of liability for the North Carolina Auctioneer Recovery Fund per transaction?

    <p>$10,000</p> Signup and view all the answers

    What is the time limit for seeking recovery under the North Carolina Auctioneer Recovery Fund?

    <p>1 year</p> Signup and view all the answers

    What is the requirement for obtaining compensation from the Fund?

    <p>Obtaining a final judgment against the licensee</p> Signup and view all the answers

    What is the requirement for filing a verified application with the Commission for payment out of the Fund?

    <p>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</p> Signup and view all the answers

    Under what circumstances can the Commission order payment from the Fund without requiring a prior judicial determination?

    <p>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</p> Signup and view all the answers

    What is the time limit for filing a notice of a lawsuit with the Commission if the total loss claimed is less than $2,500?

    <p>90 days</p> Signup and view all the answers

    What is the North Carolina Auctioneer Recovery Fund?

    <p>A fund that provides compensation for monetary losses resulting from conversion of funds or property or other fraudulent acts by licensed auctioneers, apprentice auctioneers, or auction firms</p> Signup and view all the answers

    What is the requirement for showing eligibility for compensation from the Fund?

    <p>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</p> Signup and view all the answers

    Who decides on applications for payment from the Fund?

    <p>The Commission</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per licensee within a single calendar year?

    <p>$20,000</p> Signup and view all the answers

    What is the North Carolina Auctioneer Recovery Fund liable for?

    <p>None of the above</p> Signup and view all the answers

    What is the requirement for filing a notice of a lawsuit with the Commission to seek compensation from the Fund?

    <p>Having filed written notice of the lawsuit with the Commission within 60 days after its commencement</p> Signup and view all the answers

    What is the requirement for showing eligibility for compensation from the Fund?

    <p>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</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per transaction?

    <p>$10,000</p> Signup and view all the answers

    What is the time limit for seeking recovery under the North Carolina Auctioneer Recovery Fund?

    <p>1 year after termination of all proceedings</p> Signup and view all the answers

    What is the requirement for obtaining compensation from the Fund?

    <p>Obtain a final judgment in a court of competent jurisdiction against the licensee</p> Signup and view all the answers

    Under what circumstances can the Commission order payment from the Fund without requiring a prior judicial determination?

    <p>If the total loss claimed is $2,500 or less</p> Signup and view all the answers

    What is the maximum amount of liability for the Fund per licensee within a single calendar year?

    <p>$10,000</p> Signup and view all the answers

    What is the requirement for filing a verified application with the Commission for payment out of the Fund?

    <p>The applicant must file a verified application with the Commission for payment out of the Fund of the amount remaining unpaid on the judgment</p> Signup and view all the answers

    Who decides on applications for payment from the Fund?

    <p>The Commission</p> Signup and view all the answers

    What is the requirement for showing eligibility for compensation from the Fund?

    <p>The aggrieved person must have 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</p> Signup and view all the answers

    What type of damages are not covered by the Fund?

    <p>All of the above</p> Signup and view all the answers

    What is the time limit for filing a notice of a lawsuit with the Commission if the total loss claimed is less than $2,500?

    <p>90 days after the termination of all judicial proceedings</p> Signup and view all the answers

    Under what circumstances can an individual seek compensation from the North Carolina Auctioneer Recovery Fund?

    <p>For monetary losses resulting from conversion of funds or property or other fraudulent acts by licensed auctioneers, apprentice auctioneers, or auction firms</p> Signup and view all the answers

    What is the requirement for filing a notice of a lawsuit with the Commission to seek compensation from the Fund?

    <p>The aggrieved person must have sued the licensee in a court of competent jurisdiction</p> Signup and view all the answers

    Study Notes

    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.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Test your knowledge of the North Carolina Auctioneer Recovery Fund requirements with this informative quiz. Learn about the criteria for seeking compensation, the application process, limitations of the Fund, and more. This quiz is essential for anyone who wants to understand the regulations surrounding the Fund and ensure they are meeting all requirements.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser