2005 Idaho Code - 54-2071 — RECOVERY FROM FUND -- PROCEDURE -- GROUNDS -- AMOUNT -- HEARING

                                  TITLE  54
                    PROFESSIONS, VOCATIONS, AND BUSINESSES
                                  CHAPTER 20
                        IDAHO REAL ESTATE LICENSE LAW
    54-2071.  RECOVERY FROM FUND -- PROCEDURE -- GROUNDS -- AMOUNT -- HEARING.
(1) When any person obtains a final judgment in any court of competent
jurisdiction against any licensee under this chapter, upon grounds of fraud,
misrepresentation or deceit with reference to any transaction for which a
license is required under this chapter, such person may, upon termination of
all proceedings, including appeals in connection with any judgment, file a
verified petition in the court in which the judgment was entered for an order
directing payment out of the real estate recovery fund in the amount of actual
damages included in the judgment and unpaid, but not more than ten thousand
dollars ($10,000) per licensee per calendar year. The recovery fund's
liability for all claims arising from the acts or omissions of any one (1)
licensee in any calendar year shall be limited to a payment of not more than
ten thousand dollars ($10,000), regardless of the number of persons damaged by
the acts or omissions of a licensee, or the total amount of damage caused by
such licensee, in any one (1) calendar year. If a claim is made against the
fund and the commission has actual knowledge of any other claims against the
recovery fund which have been filed or asserted against the same licensee and
arise from acts or  omissions of the licensee in the same calendar year, then
the commission shall file an interpleader action in accordance with the
applicable statutes and the Idaho rules of civil procedure against all known
parties who may claim a right to payment from the fund. Unless the commission
has actual knowledge of other potential claims, as stated above, and so files
the interpleader action, the first person who obtains a final judgment against
a licensee shall be entitled to the payment of that amount equal to the lesser
of the judgment or ten thousand dollars ($10,000), providing the claimant
meets the other criteria set forth herein.
    (2)  A copy of the petition shall be served upon the commission and an
affidavit of such service shall be filed with the court.
    (3)  The court shall act upon such petition within thirty (30) days after
such service and, upon the hearing thereof, the petitioner shall be required
to show that:
    (a)  He is not the spouse of the debtor, or the personal representative of
    such spouse;
    (b)  He has complied with all the requirements of sections 54-2069 through
    54-2078, Idaho Code;
    (c)  He has obtained a judgment of the kind described in subsection (1) of
    this section, stating the amount thereof and the amount owing thereon at
    the date of the petition;
    (d)  He has caused to be issued a writ of execution upon the judgment and
    the officer executing the same has made a return showing that no personal
    or real property of the judgment debtor liable to be levied upon in
    satisfaction of the judgment could be found, or that the amount realized
    on the sale of them or of such of them as were found, under the execution,
    was insufficient to satisfy the judgment, stating the amount so realized
    and the balance remaining due on the judgment after application thereon of
    the amount realized;
    (e)  He has made all reasonable searches and inquiries to ascertain
    whether the judgment debtor is possessed of real or personal property or
    other assets liable to be sold or applied in satisfaction of the judgment;
    and
    (f)  That by such search he has discovered no personal or real property or
    other assets liable to be sold or applied, or that he has discovered
    certain of them, describing them, owned by the judgment debtor and liable
    to be so applied, and 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.
    (4)  Whenever the aggrieved person satisfies the court that it is not
practicable to comply with one (1) or more of the requirements enumerated in
subsections (3)(d), (e) and (f) of this section, and that the aggrieved person
has taken all reasonable steps to collect that amount of the judgment or the
unsatisfied part thereof and has been unable to collect the same, the court
may in its discretion dispense with the necessity for complying with such
requirements.