Business and Professions Code - BPC - BPC § 11418.1

Summary

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

Text

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.

Retrieval chunks

• #1 | Business and Professions Code - BPC - BPC § 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 aggregat…