Kansas Statutes 58-3071. Same; conditions on court order of directing payment
Terms Used In Kansas Statutes 58-3071
- Commission: means the Kansas real estate commission. See Kansas Statutes 58-3035
- Interest: means : (1) Having any type of ownership in the real estate involved in the transaction; or (2) an officer, member, partner or shareholder of any entity that owns such real estate excluding an ownership interest of less than 5% in a publicly traded entity. See Kansas Statutes 58-3035
- 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
Any order of the court issued pursuant to Kan. Stat. Ann. § 58-3069 shall be conditioned as follows:
(a) Upon receipt by the claimant of the payment from the real estate recovery revolving fund, the claimant shall assign the claimant’s right, title and interest in the judgment, to the extent of such payment, to the director of the commission, and thereupon the director shall be subrogated to such right, title and interest of the claimant; and any amount subsequently recovered on the judgment by the director, to the extent of the director’s right, title and interest therein, shall be for the purpose of reimbursing the real estate recovery revolving fund.
(b) If the limitations on payments from the real estate recovery revolving fund, as prescribed by Kan. Stat. Ann. § 58-3067, preclude payment of the entire amount stated in the court’s order, the director of the real estate commission shall be obligated to cause payment to be made therefrom only to the extent permitted under Kan. Stat. Ann. § 58-3067.