§ 85B-4.7. Limitations; pro rata distribution; attorneys' fees. - North Carolina Statutes

§85B‑4.7.  Limitations; pro rata distribution; attorneys' fees.

(a)        Payments from theFund shall be subject to the following limitations:

(1)        The right torecovery under this Article shall be forever barred unless timely notice isgiven as required by G.S. 85B‑4.2(a)(1) and application is made withinone year after termination of all proceedings, including appeals, in connectionwith the judgment.

(2)        The Fund shall notbe liable for more than ten thousand dollars ($10,000) per transactionregardless of the number of persons aggrieved.

(3)        The liability of theFund shall not exceed in the aggregate ten thousand dollars ($10,000) for anyone licensee within a single calendar year, and in no event shall it exceed inthe aggregate twenty thousand dollars ($20,000) for any one licensee.

(4)        The Fund shall notbe liable for payment of any judgment awards of consequential damages, multipleor punitive damages, civil penalties, incidental damages, special damages,interest, costs of court or action, or other similar awards.

(b)        If the maximum ofthe Fund is insufficient to pay in full the valid claims of all aggrievedpersons whose claims relate to the same transaction or to the same licensee,the amount for which the Fund is liable shall be distributed among the claimantsin a ratio that their respective claims bear to the total of such valid claimsor in a manner the Commission deems equitable. Upon petition of the Commission,the Commission may require all claimants and prospective claimants to be joinedin one proceeding so that the respective rights of all claimants to the Fundmay be equitably resolved. (1991 (Reg. Sess., 1992), c. 819, s. 11.)