Kansas Statutes 58-3070. Same; duties of commission in recovery actions; fees and expenses of counsel
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Terms Used In Kansas Statutes 58-3070
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Commission: means the Kansas real estate commission. See Kansas Statutes 58-3035
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Real estate: means any interest or estate in land, including any leasehold or condominium, whether corporeal, incorporeal, freehold or nonfreehold and whether the real estate is situated in this state or elsewhere, but does not include oil and gas leases, royalties and other mineral interests, and rights of way and easements acquired for the purpose of constructing roadways, pipelines, conduits, wires and facilities related to these types of improvement projects for private and public utilities, municipalities, federal and state governments, or any political subdivision. See Kansas Statutes 58-3035
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
When the director of the commission receives notice of any action or hearing, as provided in Kan. Stat. Ann. §§ 58-3068 and 58-3069, and amendments thereto, the director may intervene, enter an appearance, file an answer, defend the action or take whatever other action the director deems appropriate on the behalf and in the name of the defendant, and may take recourse through any appropriate method of review on behalf of, and in the name of, the defendant. All fees and expenses of counsel hired by the commission for the performance of duties for the commission hereunder shall be paid out of the real estate recovery revolving fund.