IC 25-6.1-8-1 Establishment of fund; administration; investments
Sec. 1. (a) The auctioneer recovery fund is established for the
purpose set out in this chapter. The fund shall be administered by the
auctioneer commission.
(b) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the fund.
(c) Money in the fund at the end of a fiscal year does not revert to
the state general fund, except as provided in section 2.1 of this
chapter. As added by P.L.256-1987, SEC.4. Amended by P.L.143-1990,
SEC.1.
IC 25-6.1-8-2 Surcharge; formula; assessment
Sec. 2. (a) If the total amount in the auctioneer recovery fund
(including principal and interest) is less than three hundred sixty
thousand dollars ($360,000) on June 30 in an odd-numbered year
after the payment of all claims and expenses, the auctioneer
commission shall assess a surcharge according to the following
formula in order to maintain the fund at an approximate level of four
hundred thousand dollars ($400,000):
STEP ONE: Determine the amount remaining in the fund on
June 30 of the current year after all expenses and claims have
been paid.
STEP TWO: Subtract the amount determined under STEP ONE
from four hundred thousand dollars ($400,000).
STEP THREE: Determine the number of licensees who had
licenses in effect on June 30 of the current year.
STEP FOUR: Divide the number determined under STEP TWO
by the number determined under STEP THREE.
(b) The auctioneer commission shall assess the surcharge
described in subsection (a) against each licensee who:
(1) receives an initial license;
(2) receives a renewal license; or
(3) receives a temporary permit.
(c) The auctioneer commission shall assess the surcharge
described in subsection (a) for the two (2) year period beginning on
July 1 of the current year through June 30 of the next odd-numbered
year.
(d) The surcharge assessed under this section is in addition to any
other fee under this article. As added by P.L.256-1987, SEC.4. Amended by P.L.143-1990,
SEC.2; P.L.214-1993, SEC.17. IC 25-6.1-8-2.1 Reversion of excess funds
Sec. 2.1. If the total amount in the auctioneer recovery fund
(including principal and interest) exceeds five hundred fifty thousand
dollars ($550,000) at the end of a state fiscal year after the payment
of all claims and expenses, the amount in excess of five hundred fifty
thousand dollars ($550,000) reverts to the state general fund. As added by P.L.143-1990, SEC.3.
IC 25-6.1-8-3 Interest credited; payment of expenses
Sec. 3. Any interest earned on investment of money in the
auctioneer recovery fund shall be credited at least annually to the
fund. No money may be appropriated from the state general fund for
payment of any expenses incurred under this chapter, and none of
these expenses may be charged against the state. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-4 Claims against fund; applications; amount of loss; limitation on
recovery
Sec. 4. (a) If any aggrieved person obtains a final judgment in any
court against any licensee to recover damages for failure to meet the
obligations of a licensee under this article and the rules adopted
under this article (with or without findings by the auctioneer
commission) that results in an actual cash loss to the aggrieved
person, the person may, upon termination of all proceedings
including appeals and proceedings supplemental to judgment for
collection purposes, file a verified application in the court in which
the judgment was entered for an order directing payment out of the
auctioneer recovery fund of the amount of actual and direct loss in
the transaction that remains unpaid upon the judgment. The amount
of actual and direct loss may include court costs but may not include
attorney's fees or punitive damages awarded. The amount that may
be paid from the auctioneer recovery fund may not exceed twenty
thousand dollars ($20,000) per judgment and an aggregate lifetime
limit of fifty thousand dollars ($50,000) with respect to any one (1)
licensee.
(b) This section applies only to a final judgment that awards
damages for an act by the licensee described in subsection (a) that
arises directly out of any transaction:
(1) that occurred when the licensee was licensed;
(2) for which a license was required under IC 25-6.1; and
(3) that occurred after December 31, 1987. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-5 Claims against single licensee in excess of dollar limitation; joinder
of claims; payment; insufficient funds
Sec. 5. (a) If the payment in full of two (2) or more pending valid
claims that have been filed by aggrieved persons against a single
licensee would exceed the fifty thousand dollars ($50,000) limit set
forth in section 4 of this chapter, the fifty thousand dollars ($50,000)
shall be distributed among the aggrieved persons in the ratio that
their respective claims bear to the aggregate of all valid claims or in
any other manner that a court of record may determine equitable.
This money shall be distributed among the persons entitled to share
in it without regard to the order of priority in which their respective
judgments have been obtained or their claims have been filed.
(b) Upon petition of the commission, the court may require all
claimants and prospective claimants against one (1) licensee to be
joined in one (1) action, to the end that the respective rights of all the
claimants to the commission may be equitably adjudicated and
settled.
(c) On June 30 and December 31 of each year, the auctioneer
commission shall identify each claim that the court orders to be paid
during the six (6) month period that ended on that day. The
commission shall pay the part of each claim that is so identified
within fifteen (15) days after the end of the six (6) month period in
which the claim is ordered paid. However, if the balance in the fund
is insufficient to pay the full payable amount of each claim that is
ordered to be paid during a six (6) month period, the commission
shall pay a prorated portion of each claim that is ordered to be paid
during the period. Any part of the payable amount of a claim left
unpaid due to the prorating of payments under this subsection must
be paid (subject to the fifty thousand dollar ($50,000) limit described
in section 4 of this chapter) before the payment of claims ordered to
be paid during the following six (6) month period. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-6 Agents for service of process
Sec. 6. Any auctioneer, auction company, or auction house that is
licensed or renews a license under this article after December 31,
1987, and upon whom personal service cannot be made with
reasonable diligence shall be considered to have appointed the
commission as the licensee's agent for service of process for
purposes of actions filed under section 4 of this chapter for recovery
from the auctioneer recovery fund. Service of process under this
section shall be made as nearly as practicable in the manner
prescribed by the Indiana Rules of Trial Procedure for service on
corporations. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-7 Limitation of actions; notice of commencement of action
Sec. 7. An order for payment from the auctioneer recovery fund
may not be issued unless the action to recover from the auctioneer
recovery fund was commenced within one (1) year after the
termination of all proceedings against the licensee for failure to meet
the obligations of a licensee under this article and the rules adopted
under this article, including appeals and proceedings supplemental
to judgment. When any person commences an action for a judgment
that may result in an order for payment from the fund, the person
shall notify the commission in writing of the commencement of the
action. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-8 Commission as defendant; hearings; order of payment of claim
Sec. 8. When any person files an application for an order directing
payment from the auctioneer recovery fund, the commission shall be
made a party defendant to the proceedings. The court shall conduct
a hearing on the application, and it may issue an order directing
payment out of the auctioneer recovery fund, as provided in section
9 of this chapter, subject to the limitation of section 4 of this chapter,
if the court finds:
(1) that there is no collusion between the judgment creditor and
the judgment debtor;
(2) that the judgment creditor is making application not more
than one (1) year after the termination of all proceedings in
connection with the judgment, including appeals and
proceedings supplemental to judgment for collection purposes;
(3) that the judgment creditor has caused to be issued a writ of
execution on the judgment and the officer executing the writ
has made a return showing that no personal or real property of
the judgment debtor liable to be levied upon in satisfaction of
the judgment could be found or that the amount realized on the
sale under the execution was insufficient to satisfy the
judgment;
(4) that the judgment creditor has diligently pursued the
creditor's remedies against all the judgment debtors and all
other persons liable to the creditor in the transaction for which
the creditor seeks recovery from the auctioneer recovery fund;
(5) that the failure to meet the obligations of a licensee under
this article and the rules adopted under this article arose directly
out of a transaction that occurred when the judgment debtor was
licensed and acted in a capacity for which a license is required
under this article and that the transaction occurred after
December 31, 1987; and
(6) that, in the event of a default judgment or a judgment
entered upon stipulation of the parties, the judgment debtor's
acts constituted failure to meet the obligations of a licensee
under this article and the rules adopted under this article. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-9 Payment of claim
Sec. 9. Upon a final order of the court directing that payment be
made out of the auctioneer recovery fund, the commission shall,
subject to sections 4 through 5 of this chapter, make the payment out
of the auctioneer recovery fund as provided in section 5 of this
chapter. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-10 Suspension of judgment debtor's license; repayment by licensee;
interest
Sec. 10. If the commission is required to make any payment from
the auctioneer recovery fund in settlement of a claim or toward the
satisfaction of a judgment under this chapter, the commission shall
suspend the judgment debtor's license. The licensee is not eligible to
be licensed again as either an auctioneer, auction company, or
auction house until the licensee has repaid in full the amount paid
from the auctioneer recovery fund with interest of twelve percent
(12%) per annum. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-11 Subrogation
Sec. 11. When, upon order of any court, the commission has
caused payment to be made from the auctioneer recovery fund to a
judgment creditor, the commission is subrogated to the rights of the
judgment creditor with respect to the amount paid. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-12 Expenditure of interest
Sec. 12. Subject to the approval of the state budget agency, the
auctioneer commission may expend the interest earned by the
auctioneer recovery fund for publications that provide:
(1) information concerning the commission's activities and
administrative rulings; and
(2) other educational information concerning the practice of
auctioneering. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-13 Attorney general; assistance to commission; expenses
Sec. 13. (a) The office of the attorney general shall provide the
staff assistance necessary to:
(1) enable the auctioneer commission to perform its duties
under this chapter; and
(2) enforce this chapter.
(b) Expenses incurred by the office of the attorney general under
this section shall be paid from the auctioneer recovery fund. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-1 Establishment of fund; administration; investments
Sec. 1. (a) The auctioneer recovery fund is established for the
purpose set out in this chapter. The fund shall be administered by the
auctioneer commission.
(b) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the fund.
(c) Money in the fund at the end of a fiscal year does not revert to
the state general fund, except as provided in section 2.1 of this
chapter. As added by P.L.256-1987, SEC.4. Amended by P.L.143-1990,
SEC.1.
IC 25-6.1-8-2 Surcharge; formula; assessment
Sec. 2. (a) If the total amount in the auctioneer recovery fund
(including principal and interest) is less than three hundred sixty
thousand dollars ($360,000) on June 30 in an odd-numbered year
after the payment of all claims and expenses, the auctioneer
commission shall assess a surcharge according to the following
formula in order to maintain the fund at an approximate level of four
hundred thousand dollars ($400,000):
STEP ONE: Determine the amount remaining in the fund on
June 30 of the current year after all expenses and claims have
been paid.
STEP TWO: Subtract the amount determined under STEP ONE
from four hundred thousand dollars ($400,000).
STEP THREE: Determine the number of licensees who had
licenses in effect on June 30 of the current year.
STEP FOUR: Divide the number determined under STEP TWO
by the number determined under STEP THREE.
(b) The auctioneer commission shall assess the surcharge
described in subsection (a) against each licensee who:
(1) receives an initial license;
(2) receives a renewal license; or
(3) receives a temporary permit.
(c) The auctioneer commission shall assess the surcharge
described in subsection (a) for the two (2) year period beginning on
July 1 of the current year through June 30 of the next odd-numbered
year.
(d) The surcharge assessed under this section is in addition to any
other fee under this article. As added by P.L.256-1987, SEC.4. Amended by P.L.143-1990,
SEC.2; P.L.214-1993, SEC.17. IC 25-6.1-8-2.1 Reversion of excess funds
Sec. 2.1. If the total amount in the auctioneer recovery fund
(including principal and interest) exceeds five hundred fifty thousand
dollars ($550,000) at the end of a state fiscal year after the payment
of all claims and expenses, the amount in excess of five hundred fifty
thousand dollars ($550,000) reverts to the state general fund. As added by P.L.143-1990, SEC.3.
IC 25-6.1-8-3 Interest credited; payment of expenses
Sec. 3. Any interest earned on investment of money in the
auctioneer recovery fund shall be credited at least annually to the
fund. No money may be appropriated from the state general fund for
payment of any expenses incurred under this chapter, and none of
these expenses may be charged against the state. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-4 Claims against fund; applications; amount of loss; limitation on
recovery
Sec. 4. (a) If any aggrieved person obtains a final judgment in any
court against any licensee to recover damages for failure to meet the
obligations of a licensee under this article and the rules adopted
under this article (with or without findings by the auctioneer
commission) that results in an actual cash loss to the aggrieved
person, the person may, upon termination of all proceedings
including appeals and proceedings supplemental to judgment for
collection purposes, file a verified application in the court in which
the judgment was entered for an order directing payment out of the
auctioneer recovery fund of the amount of actual and direct loss in
the transaction that remains unpaid upon the judgment. The amount
of actual and direct loss may include court costs but may not include
attorney's fees or punitive damages awarded. The amount that may
be paid from the auctioneer recovery fund may not exceed twenty
thousand dollars ($20,000) per judgment and an aggregate lifetime
limit of fifty thousand dollars ($50,000) with respect to any one (1)
licensee.
(b) This section applies only to a final judgment that awards
damages for an act by the licensee described in subsection (a) that
arises directly out of any transaction:
(1) that occurred when the licensee was licensed;
(2) for which a license was required under IC 25-6.1; and
(3) that occurred after December 31, 1987. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-5 Claims against single licensee in excess of dollar limitation; joinder
of claims; payment; insufficient funds
Sec. 5. (a) If the payment in full of two (2) or more pending valid
claims that have been filed by aggrieved persons against a single
licensee would exceed the fifty thousand dollars ($50,000) limit set
forth in section 4 of this chapter, the fifty thousand dollars ($50,000)
shall be distributed among the aggrieved persons in the ratio that
their respective claims bear to the aggregate of all valid claims or in
any other manner that a court of record may determine equitable.
This money shall be distributed among the persons entitled to share
in it without regard to the order of priority in which their respective
judgments have been obtained or their claims have been filed.
(b) Upon petition of the commission, the court may require all
claimants and prospective claimants against one (1) licensee to be
joined in one (1) action, to the end that the respective rights of all the
claimants to the commission may be equitably adjudicated and
settled.
(c) On June 30 and December 31 of each year, the auctioneer
commission shall identify each claim that the court orders to be paid
during the six (6) month period that ended on that day. The
commission shall pay the part of each claim that is so identified
within fifteen (15) days after the end of the six (6) month period in
which the claim is ordered paid. However, if the balance in the fund
is insufficient to pay the full payable amount of each claim that is
ordered to be paid during a six (6) month period, the commission
shall pay a prorated portion of each claim that is ordered to be paid
during the period. Any part of the payable amount of a claim left
unpaid due to the prorating of payments under this subsection must
be paid (subject to the fifty thousand dollar ($50,000) limit described
in section 4 of this chapter) before the payment of claims ordered to
be paid during the following six (6) month period. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-6 Agents for service of process
Sec. 6. Any auctioneer, auction company, or auction house that is
licensed or renews a license under this article after December 31,
1987, and upon whom personal service cannot be made with
reasonable diligence shall be considered to have appointed the
commission as the licensee's agent for service of process for
purposes of actions filed under section 4 of this chapter for recovery
from the auctioneer recovery fund. Service of process under this
section shall be made as nearly as practicable in the manner
prescribed by the Indiana Rules of Trial Procedure for service on
corporations. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-7 Limitation of actions; notice of commencement of action
Sec. 7. An order for payment from the auctioneer recovery fund
may not be issued unless the action to recover from the auctioneer
recovery fund was commenced within one (1) year after the
termination of all proceedings against the licensee for failure to meet
the obligations of a licensee under this article and the rules adopted
under this article, including appeals and proceedings supplemental
to judgment. When any person commences an action for a judgment
that may result in an order for payment from the fund, the person
shall notify the commission in writing of the commencement of the
action. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-8 Commission as defendant; hearings; order of payment of claim
Sec. 8. When any person files an application for an order directing
payment from the auctioneer recovery fund, the commission shall be
made a party defendant to the proceedings. The court shall conduct
a hearing on the application, and it may issue an order directing
payment out of the auctioneer recovery fund, as provided in section
9 of this chapter, subject to the limitation of section 4 of this chapter,
if the court finds:
(1) that there is no collusion between the judgment creditor and
the judgment debtor;
(2) that the judgment creditor is making application not more
than one (1) year after the termination of all proceedings in
connection with the judgment, including appeals and
proceedings supplemental to judgment for collection purposes;
(3) that the judgment creditor has caused to be issued a writ of
execution on the judgment and the officer executing the writ
has made a return showing that no personal or real property of
the judgment debtor liable to be levied upon in satisfaction of
the judgment could be found or that the amount realized on the
sale under the execution was insufficient to satisfy the
judgment;
(4) that the judgment creditor has diligently pursued the
creditor's remedies against all the judgment debtors and all
other persons liable to the creditor in the transaction for which
the creditor seeks recovery from the auctioneer recovery fund;
(5) that the failure to meet the obligations of a licensee under
this article and the rules adopted under this article arose directly
out of a transaction that occurred when the judgment debtor was
licensed and acted in a capacity for which a license is required
under this article and that the transaction occurred after
December 31, 1987; and
(6) that, in the event of a default judgment or a judgment
entered upon stipulation of the parties, the judgment debtor's
acts constituted failure to meet the obligations of a licensee
under this article and the rules adopted under this article. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-9 Payment of claim
Sec. 9. Upon a final order of the court directing that payment be
made out of the auctioneer recovery fund, the commission shall,
subject to sections 4 through 5 of this chapter, make the payment out
of the auctioneer recovery fund as provided in section 5 of this
chapter. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-10 Suspension of judgment debtor's license; repayment by licensee;
interest
Sec. 10. If the commission is required to make any payment from
the auctioneer recovery fund in settlement of a claim or toward the
satisfaction of a judgment under this chapter, the commission shall
suspend the judgment debtor's license. The licensee is not eligible to
be licensed again as either an auctioneer, auction company, or
auction house until the licensee has repaid in full the amount paid
from the auctioneer recovery fund with interest of twelve percent
(12%) per annum. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-11 Subrogation
Sec. 11. When, upon order of any court, the commission has
caused payment to be made from the auctioneer recovery fund to a
judgment creditor, the commission is subrogated to the rights of the
judgment creditor with respect to the amount paid. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-12 Expenditure of interest
Sec. 12. Subject to the approval of the state budget agency, the
auctioneer commission may expend the interest earned by the
auctioneer recovery fund for publications that provide:
(1) information concerning the commission's activities and
administrative rulings; and
(2) other educational information concerning the practice of
auctioneering. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-13 Attorney general; assistance to commission; expenses
Sec. 13. (a) The office of the attorney general shall provide the
staff assistance necessary to:
(1) enable the auctioneer commission to perform its duties
under this chapter; and
(2) enforce this chapter.
(b) Expenses incurred by the office of the attorney general under
this section shall be paid from the auctioneer recovery fund. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-1 Establishment of fund; administration; investments
Sec. 1. (a) The auctioneer recovery fund is established for the
purpose set out in this chapter. The fund shall be administered by the
auctioneer commission.
(b) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the fund.
(c) Money in the fund at the end of a fiscal year does not revert to
the state general fund, except as provided in section 2.1 of this
chapter. As added by P.L.256-1987, SEC.4. Amended by P.L.143-1990,
SEC.1.
IC 25-6.1-8-2 Surcharge; formula; assessment
Sec. 2. (a) If the total amount in the auctioneer recovery fund
(including principal and interest) is less than three hundred sixty
thousand dollars ($360,000) on June 30 in an odd-numbered year
after the payment of all claims and expenses, the auctioneer
commission shall assess a surcharge according to the following
formula in order to maintain the fund at an approximate level of four
hundred thousand dollars ($400,000):
STEP ONE: Determine the amount remaining in the fund on
June 30 of the current year after all expenses and claims have
been paid.
STEP TWO: Subtract the amount determined under STEP ONE
from four hundred thousand dollars ($400,000).
STEP THREE: Determine the number of licensees who had
licenses in effect on June 30 of the current year.
STEP FOUR: Divide the number determined under STEP TWO
by the number determined under STEP THREE.
(b) The auctioneer commission shall assess the surcharge
described in subsection (a) against each licensee who:
(1) receives an initial license;
(2) receives a renewal license; or
(3) receives a temporary permit.
(c) The auctioneer commission shall assess the surcharge
described in subsection (a) for the two (2) year period beginning on
July 1 of the current year through June 30 of the next odd-numbered
year.
(d) The surcharge assessed under this section is in addition to any
other fee under this article. As added by P.L.256-1987, SEC.4. Amended by P.L.143-1990,
SEC.2; P.L.214-1993, SEC.17. IC 25-6.1-8-2.1 Reversion of excess funds
Sec. 2.1. If the total amount in the auctioneer recovery fund
(including principal and interest) exceeds five hundred fifty thousand
dollars ($550,000) at the end of a state fiscal year after the payment
of all claims and expenses, the amount in excess of five hundred fifty
thousand dollars ($550,000) reverts to the state general fund. As added by P.L.143-1990, SEC.3.
IC 25-6.1-8-3 Interest credited; payment of expenses
Sec. 3. Any interest earned on investment of money in the
auctioneer recovery fund shall be credited at least annually to the
fund. No money may be appropriated from the state general fund for
payment of any expenses incurred under this chapter, and none of
these expenses may be charged against the state. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-4 Claims against fund; applications; amount of loss; limitation on
recovery
Sec. 4. (a) If any aggrieved person obtains a final judgment in any
court against any licensee to recover damages for failure to meet the
obligations of a licensee under this article and the rules adopted
under this article (with or without findings by the auctioneer
commission) that results in an actual cash loss to the aggrieved
person, the person may, upon termination of all proceedings
including appeals and proceedings supplemental to judgment for
collection purposes, file a verified application in the court in which
the judgment was entered for an order directing payment out of the
auctioneer recovery fund of the amount of actual and direct loss in
the transaction that remains unpaid upon the judgment. The amount
of actual and direct loss may include court costs but may not include
attorney's fees or punitive damages awarded. The amount that may
be paid from the auctioneer recovery fund may not exceed twenty
thousand dollars ($20,000) per judgment and an aggregate lifetime
limit of fifty thousand dollars ($50,000) with respect to any one (1)
licensee.
(b) This section applies only to a final judgment that awards
damages for an act by the licensee described in subsection (a) that
arises directly out of any transaction:
(1) that occurred when the licensee was licensed;
(2) for which a license was required under IC 25-6.1; and
(3) that occurred after December 31, 1987. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-5 Claims against single licensee in excess of dollar limitation; joinder
of claims; payment; insufficient funds
Sec. 5. (a) If the payment in full of two (2) or more pending valid
claims that have been filed by aggrieved persons against a single
licensee would exceed the fifty thousand dollars ($50,000) limit set
forth in section 4 of this chapter, the fifty thousand dollars ($50,000)
shall be distributed among the aggrieved persons in the ratio that
their respective claims bear to the aggregate of all valid claims or in
any other manner that a court of record may determine equitable.
This money shall be distributed among the persons entitled to share
in it without regard to the order of priority in which their respective
judgments have been obtained or their claims have been filed.
(b) Upon petition of the commission, the court may require all
claimants and prospective claimants against one (1) licensee to be
joined in one (1) action, to the end that the respective rights of all the
claimants to the commission may be equitably adjudicated and
settled.
(c) On June 30 and December 31 of each year, the auctioneer
commission shall identify each claim that the court orders to be paid
during the six (6) month period that ended on that day. The
commission shall pay the part of each claim that is so identified
within fifteen (15) days after the end of the six (6) month period in
which the claim is ordered paid. However, if the balance in the fund
is insufficient to pay the full payable amount of each claim that is
ordered to be paid during a six (6) month period, the commission
shall pay a prorated portion of each claim that is ordered to be paid
during the period. Any part of the payable amount of a claim left
unpaid due to the prorating of payments under this subsection must
be paid (subject to the fifty thousand dollar ($50,000) limit described
in section 4 of this chapter) before the payment of claims ordered to
be paid during the following six (6) month period. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-6 Agents for service of process
Sec. 6. Any auctioneer, auction company, or auction house that is
licensed or renews a license under this article after December 31,
1987, and upon whom personal service cannot be made with
reasonable diligence shall be considered to have appointed the
commission as the licensee's agent for service of process for
purposes of actions filed under section 4 of this chapter for recovery
from the auctioneer recovery fund. Service of process under this
section shall be made as nearly as practicable in the manner
prescribed by the Indiana Rules of Trial Procedure for service on
corporations. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-7 Limitation of actions; notice of commencement of action
Sec. 7. An order for payment from the auctioneer recovery fund
may not be issued unless the action to recover from the auctioneer
recovery fund was commenced within one (1) year after the
termination of all proceedings against the licensee for failure to meet
the obligations of a licensee under this article and the rules adopted
under this article, including appeals and proceedings supplemental
to judgment. When any person commences an action for a judgment
that may result in an order for payment from the fund, the person
shall notify the commission in writing of the commencement of the
action. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-8 Commission as defendant; hearings; order of payment of claim
Sec. 8. When any person files an application for an order directing
payment from the auctioneer recovery fund, the commission shall be
made a party defendant to the proceedings. The court shall conduct
a hearing on the application, and it may issue an order directing
payment out of the auctioneer recovery fund, as provided in section
9 of this chapter, subject to the limitation of section 4 of this chapter,
if the court finds:
(1) that there is no collusion between the judgment creditor and
the judgment debtor;
(2) that the judgment creditor is making application not more
than one (1) year after the termination of all proceedings in
connection with the judgment, including appeals and
proceedings supplemental to judgment for collection purposes;
(3) that the judgment creditor has caused to be issued a writ of
execution on the judgment and the officer executing the writ
has made a return showing that no personal or real property of
the judgment debtor liable to be levied upon in satisfaction of
the judgment could be found or that the amount realized on the
sale under the execution was insufficient to satisfy the
judgment;
(4) that the judgment creditor has diligently pursued the
creditor's remedies against all the judgment debtors and all
other persons liable to the creditor in the transaction for which
the creditor seeks recovery from the auctioneer recovery fund;
(5) that the failure to meet the obligations of a licensee under
this article and the rules adopted under this article arose directly
out of a transaction that occurred when the judgment debtor was
licensed and acted in a capacity for which a license is required
under this article and that the transaction occurred after
December 31, 1987; and
(6) that, in the event of a default judgment or a judgment
entered upon stipulation of the parties, the judgment debtor's
acts constituted failure to meet the obligations of a licensee
under this article and the rules adopted under this article. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-9 Payment of claim
Sec. 9. Upon a final order of the court directing that payment be
made out of the auctioneer recovery fund, the commission shall,
subject to sections 4 through 5 of this chapter, make the payment out
of the auctioneer recovery fund as provided in section 5 of this
chapter. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-10 Suspension of judgment debtor's license; repayment by licensee;
interest
Sec. 10. If the commission is required to make any payment from
the auctioneer recovery fund in settlement of a claim or toward the
satisfaction of a judgment under this chapter, the commission shall
suspend the judgment debtor's license. The licensee is not eligible to
be licensed again as either an auctioneer, auction company, or
auction house until the licensee has repaid in full the amount paid
from the auctioneer recovery fund with interest of twelve percent
(12%) per annum. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-11 Subrogation
Sec. 11. When, upon order of any court, the commission has
caused payment to be made from the auctioneer recovery fund to a
judgment creditor, the commission is subrogated to the rights of the
judgment creditor with respect to the amount paid. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-12 Expenditure of interest
Sec. 12. Subject to the approval of the state budget agency, the
auctioneer commission may expend the interest earned by the
auctioneer recovery fund for publications that provide:
(1) information concerning the commission's activities and
administrative rulings; and
(2) other educational information concerning the practice of
auctioneering. As added by P.L.256-1987, SEC.4.
IC 25-6.1-8-13 Attorney general; assistance to commission; expenses
Sec. 13. (a) The office of the attorney general shall provide the
staff assistance necessary to:
(1) enable the auctioneer commission to perform its duties
under this chapter; and
(2) enforce this chapter.
(b) Expenses incurred by the office of the attorney general under
this section shall be paid from the auctioneer recovery fund. As added by P.L.256-1987, SEC.4.