Real Estate Act

Part 4 - Real Estate Assurance Fund

Section 60 - Payment from Fund in Respect of Judgments
60(1)

A person who obtains a judgment against an industry member of a class provided for in the regulations may apply to the Council for compensation from the Fund if the judgment has become final and is not satisfied within 30 days after the date that it became final.

(2) Where an application is made under subsection (1) and no notice of the action was given to the Council under section 59, the Council may, within 30 days after receipt of the application, apply to the Court for an order under subsection (3).
(3) The Court on an application may
  (a) relieve the Council from liability to make any payment under subsection (4) where it is of the opinion that, based on the merits of the action, the judgment is not based on a finding of fraud or breach of trust in respect of a transaction in the business of the industry member, or
  (b) direct the Council to make a payment under subsection (4) where it is of the opinion that the judgment is based on a finding of fraud or breach of trust in respect of a transaction in the business of the industry member,
 

and may make any other order it considers appropriate in the circumstances.

(4) Subject to any order under subsection (3), the Council shall pay to the applicant under subsection (1) the amount of compensation determined in accordance with the regulations where
  (a) the judgment is based on a finding of fraud or breach of trust in respect of a transaction in the business of the industry member, or
  (b) the judgment is not based on a finding of fraud or breach of trust in respect of a transaction in the business of the industry member but, in the opinion of the Council, the claim for which the judgment was granted is based on fraud or a breach of trust in respect of a transaction in the business of the industry member.
(5) When a payment is made from the Fund under this section, the Council has a cause of action in debt for the recovery of the amount paid
  (a) from the industry member, where the judgment is against the industry member alone, or
  (b) jointly and severally from all or any of those industry members against whom the judgment is made.
(6) For the purposes of this Act, a judgment becomes final when
  (a) the time for all appeals in respect of the judgment has expired without those appeals having been taken, or
  (b) all appeals have been concluded and the judgment has not been set aside or varied.
 

RSA 2000 cR‑5 s60;2003 c31 s17;2005 c17 s2;
2007 c39 s34

 

Continue with Part 4 Section 60.1 - Eligibility

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