2006 Code of Virginia § 54.1-1123 - Limitations upon recovery from Fund; certain actions not a bar to recovery

54.1-1123. Limitations upon recovery from Fund; certain actions not a barto recovery.

A. The maximum claim of one claimant against the Fund based upon an unpaidjudgment arising out of the improper or dishonest conduct of one regulant inconnection with a single transaction involving contracting, is limited to$20,000, regardless of the amount of the unpaid judgment of the claimant.

B. The aggregate of claims against the Fund based upon unpaid judgmentsarising out of the improper or dishonest conduct of any one regulantinvolving contracting, is limited by the Board to $40,000 during anybiennium. If a claim has been made against the Fund, and the Board has reasonto believe there may be additional claims against the Fund from othertransactions involving the same regulant, the Board may withhold anypayment(s) from the Fund involving such regulant for a period of not morethan one year from the date on which the claimant is awarded in a court ofcompetent jurisdiction in the Commonwealth the final judgment on which hisclaim against the Fund is based. After this one-year period, if the aggregateof claims against the regulant exceeds $40,000, during a biennium, $40,000shall be prorated by the Board among the claimants and paid from the Fund inproportion to the amounts of their judgments against the regulant remainingunpaid.

C. Excluded from the amount of any unpaid judgment upon which a claim againstthe Fund is based shall be any sums representing interest, or punitive orexemplary damages, or any amounts that do not constitute actual monetary lossto the claimants. Such claim against the Fund may include court costs andattorneys' fees.

D. If, at any time, the amount of the Fund is insufficient to fully satisfyany claims or claim filed with the Board and authorized by this Act, theBoard shall pay such claims, claim, or portion thereof to the claimants inthe order that the claims were filed with the Board.

E. Failure of a claimant to comply with the provisions of subdivisions 1, 2,and 7 of 54.1-1120 and the provisions of 54.1-1124 shall not be a bar torecovery under this Act if the claimant is otherwise entitled to suchrecovery.

F. The Board shall have the authority to deny any claim which otherwiseappears to meet the requirements of the Act if it finds by clear andconvincing evidence that the claimant has presented false information orengaged in collusion to circumvent any of the requirements of the Act.

(1980, c. 635, 54-145.3:5; 1984, c. 270; 1987, cc. 555, 562; 1988, c. 765;1990, cc. 437, 911; 1997, c. 885; 1999, c. 262; 2005, c. 252.)