                                 CODE OF VIRGINIA

LIMITATIONS UPON RECOVERY FROM FUND; CERTAIN ACTIONS NOT A BAR TO RECOVERY (§
54.1-2116)

A. The aggregate of claims by claimants against the fund based upon unpaid
judgments arising out of the improper or dishonest conduct of one regulant in
connection with a single transaction involving the sale, lease, or management of
real property, is limited to $50,000. If a claim has been made against the fund,
and the Board has reason to believe that there may be additional claims against
the fund arising out of the same transaction, the Board may withhold any
payment(s) from the fund for a period of not more than one year. After such
one-year period, if the aggregate of claims arising out of the same transaction
exceeds $50,000, such $50,000 shall be prorated by the Board among the claimants
and paid from the fund in proportion to the amounts of their judgments against
the regulant remaining unpaid.

B. The maximum claim of one claimant against the fund based upon an unpaid
judgment arising out of the improper or dishonest conduct of one regulant in
connection with a single transaction involving the sale, lease, or management of
real property, shall be limited to $20,000, regardless of the number of
claimants and regardless of the amount of the unpaid judgment of the claimant.

C. The aggregate of claims against the fund based upon unpaid judgments arising
out of the improper or dishonest conduct of one regulant in connection with more
than a single transaction involving the sale, lease, or management of real
property is limited to $100,000 during any biennial license period, the biennial
periods expiring on June 30 of each even-numbered year. If a claim has been made
against the fund, and the Board has reason to believe that there may be
additional claims against the fund from other transactions involving the same
regulant, the Board may withhold any payment(s) from the fund involving such
regulant for a period of not more than one year. After the one-year period, if
the aggregate of claims against the regulant exceeds $100,000, such $100,000
shall be prorated by the Board among the claimants and paid from the fund in
proportion to the amounts of their judgments against the regulant remaining
unpaid.

D. Excluded from the amount of any unpaid judgment upon which a claim against
the fund is based shall be any sums included in the judgment which represent
interest, or punitive damages. The claim against the fund may include court
costs and attorney fees.

E. If, at any time, the amount of the fund is insufficient to satisfy any
claims, claim, or portion thereof filed with the Board and authorized by the
act, the Board shall, when the amount of the fund is sufficient to satisfy some
or all of such claims, claim, or portion thereof, pay the claimants in the order
that such claims were filed with the Board.

F. Failure of a claimant to comply with the provisions of subdivisions B 1 and 2
of &#xA7; 54.1-2114 and the provisions of &#xA7; 54.1-2117 shall not be a bar to
recovery under this act if the claimant is otherwise entitled to such recovery.

HISTORY: 1977, c. 69, § 54-765.5; 1987, c. 555; 1988, c. 765; 2015, cc. 409,
710.