Bulletin 1988 V19-2


RECOVERY FUND PAYMENTS

The Real Estate Commission reports the following payments made from the Real Estate Recovery Fund: 1

Claimant(s) Amount Respondent Licensee Date
Johnny I. Farmer $4,000.00 Frank B. Belk
(Cary)		 4/8
M/M James M. Cameron 3,711.49 Benjamin Piggie
(Sanford)		 4/25
Norman V. Keith, Jr 1,150.00 Benjamin Piggie
(Sanford)		 4/25

1Consumers applying for payment from the Recovery Fund must first obtain a judgment against the Respondent real estate agent on grounds of conversion of trust funds, and the execution of the judgment must be returned unsatisfied. Claims cannot exceed $10,000 per transaction, or $10,000 per licensee per year, or $20,000 per licensee. Hearings on Recovery Fund claims are held before the Real Estate Commission. When payments are made from the Recovery Fund, the Commission automatically suspends the real estate license of the person(s) responsible for the conversion of the trust funds.

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