§ 87-15.8. Application for reimbursement. - North Carolina Statutes

§87‑15.8.  Application for reimbursement.

(a)        The Board shallprepare a form to be used to apply for reimbursement from the Fund.  Only aperson whom the Board determines to meet all of the following requirements maybe reimbursed from the Fund:

(1)        Has suffered areimbursable loss in the construction or alteration of a single‑familyresidential dwelling unit owned or previously owned by that person.

(2)        Did not, directly orindirectly, obtain the building permit in the person's own name or did use ageneral contractor.

(3)        Has exhausted allcivil remedies against the general contractor whose conduct caused the lossand, if applicable, the general contractor's estate, and has obtained ajudgment against the general contractor that remains unsatisfied.  Thisrequirement is waived if the person is prevented from filing suit or obtaininga judgment against the contractor due to the automatic stay provision ofsection 362 of the U.S. Bankruptcy Code.

(4)        Has complied withthe applicable rules of the Board.

(b)        The Board shallinvestigate all applications for reimbursement and may reject or allow part orall of a claim based on the amount of money in the Fund.  The Board shall havecomplete discretion to determine the order, amount, and manner of payment ofapproved applications.  All payments are a matter of privilege and not of rightand no person has a right to reimbursement from the Fund as a third partybeneficiary or otherwise.  No attorney shall be compensated by the Board forprosecuting an application before it. (1991, c. 547, s. 1.)