California CodesBusiness and Professions Code - BPCDivision 4 — Real EstatePart 3 — Licensing and Certification of Real Estate AppraisersChapter 8 — Real Estate Appraisers Regulation FundSection 11418.1

If the amount of liability of the Recovery Account as provided for in Section 11418 is insufficient to pay in full the valid claims of all aggrieved persons by whom claims have been filed against any one licensee, the amount shall be distributed among them in the ratio that their respective claims bear to the aggregate of the valid claims, or in any other manner as the court deems equitable. Distribution of any moneys shall be among the persons entitled to share therein, without regard to the order of priority in which their respective judgments may have been obtained or their claims have been filed. Upon petition of the bureau, the court may require all claimants and prospective claimants against one licensee to be joined in one action, to the end that the respective rights of all claimants to the Recovery Account may be equitably adjudicated and settled.

Notes

Requires insufficient Recovery Account liability for valid claims against one licensee to be distributed proportionally to claim amounts or in another equitable manner the court chooses, regardless of judgment or filing priority. Allows the court, on the bureau’s petition, to join all current and prospective claimants against the licensee in one action for equitable adjudication.

Use as reference

Lexinter.net | California Code, Business and Professions Code - BPC § 11418.1 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-4/part-3/chapter-8/section-11418-1

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