489.4983 - Distribution of payment if claims exceed Account’s maximum liability; satisfaction of unpaid claims when balance becomes sufficient. - Nevada Statutes

489.4983  Distribution of payment if claims exceed Account’s maximum liability; satisfaction of unpaid claims when balance becomes sufficient.

      1.  Whenever multiple claims against a licensee are filed against the Account and they exceed in the aggregate $100,000, the maximum liability of the Account for the licensee must be distributed among the claimants in the ratio that their respective claims bear to the total of all claims, or in any other manner that the court may find equitable.

      2.  The distribution must be made without regard to the order of priority in which the claims were filed or judgments entered.

      3.  Upon the petition of the Administrator, the court may require all claimants and prospective claimants to be joined in one action so that the respective rights of all claimants may be equitably determined.

      4.  If, at any time, the money deposited in the Account is insufficient to satisfy any authorized claim or portion of a claim, the Administrator shall, when sufficient money has been deposited in the Account, satisfy the unpaid claims or portions thereof, in the order that the claims or portions thereof were originally filed, plus accumulated interest at the rate of 6 percent per annum.

      (Added to NRS by 1981, 1850)