Indiana Code 25-34.1-7-7. Limitation of actions; notice of commencement of action
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Terms Used In Indiana Code 25-34.1-7-7
- Commission: means the Indiana real estate commission. See Indiana Code 25-34.1-1-2
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Licensee: means a person who holds a license issued under this article. See Indiana Code 25-34.1-1-2
- Person: means an individual, a partnership, a corporation, or a limited liability company. See Indiana Code 25-34.1-1-2
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Real estate: means any right, title, or interest in real property. See Indiana Code 25-34.1-1-2
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 7. An order for payment from the real estate recovery fund may not be issued unless the action to recover from the real estate recovery fund was commenced within one (1) year after the termination of all proceedings against the licensee for embezzlement of money or property, or unlawfully obtaining money or property by false pretenses, use of a device, trickery, or forgery, 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.255-1987, SEC.6.