the liability of the recovery account for which any course of action shall not exceed per person

What is the maximum amount recoverable in a medical malpractice lawsuit?

Jul 13, 2021 · The total amount recoverable for all damages for a course of care for all defendants in any civil action for damages in tort brought against a health care professional, as defined in §13-64-202, or a health care institution, as defined in §13-64-202, or as a result of binding arbitration, whether past damages, future damages, or a combination of both, shall not …

How can J&C limit the liability of Moore&Associates?

(1) Except as provided in paragraph (2) of this subsection, the liability under this section of an owner or operator or other responsible person for each release of a hazardous substance or incident involving release of a hazardous substance shall not exceed-(A) for any vessel, other than an incineration vessel, which carries any hazardous substance as cargo or residue, $300 …

What constitutes a waiver of any rights under this Code section?

Mar 21, 2016 · The parties can limit the liability on recovery of consequential damages by including a clause stating that neither party shall be liable for any special, indirect, incidental or consequential ...

When does the limitation on damages for noneconomic loss reset?

When any aggrieved person commences action for a judgment which may result in collection from the real estate education, research, and recovery fund, the aggrieved person shall notify the commission in writing, by certified mail or statutory overnight delivery, return receipt requested, to this effect at the time of the commencement of such ...

What is a recovery account real estate?

The BRE states it this way: "The Recovery Account is a fund of last resort for a member of the public who has obtained a final judgment against a real estate licensee based on fraud or certain other grounds and who has been unable to satisfy the judgment through the normal post-judgment proceedings."Jul 24, 2017

What is a consumer recovery account?

It enables a person who has been defrauded or had trust funds converted by a real estate licensee in a transaction requiring that license, and who satisfies specified requirements (California Business and Professions Code Section 10471 et seq.) to recover at least some of his or her actual loss when the licensee has ...

What is the required minimum balance for the Indiana real estate Recovery fund?

The fund aims to maintain a balance of $600,000, but if it dips below $450,000, the Indiana Real Estate Commission will raise money for the account by increasing licensing and renewal fees. The funds are available for people who have been awarded a final judgment in any court in Indiana.

What is the purpose of the recovery fund?

Estate Education, Research, and Recovery Fund (the Fund) is to compensate members of the public who have been damaged by a real estate broker's or real estate sales agent's (the Agent) fraud, misrepresentation, or deceit in a real estate transaction, if the Agent can- not pay.

Which of the following is one of the purposes of the real recovery fund quizlet?

What is one purpose of the Indiana Real Estate Recovery Fund? To cover claims against real estate practitioners for embezzlement of money that results in a cash loss to someone.

What is the maximum fine by Nrec per Nevada licensee?

Failure to do so can result in fines to the Nevada Broker. NRS 645.844 - Recent changes increased the amount payable to $25,000 per incident, $100,000 per Nevada Licensee.

Who administers the Indiana real estate Recovery Fund?

the real estate commissionSec. 1. (a) The real estate recovery fund is established for the purpose set out in this chapter. The fund shall be administered by the real estate commission.

What is the maximum amount that may be paid from the Indiana real estate Recovery Fund for each violation?

Payments from the Real Estate Inspection Recovery Fund may not exceed $12,500 per transaction, with a maximum of $30,000 per license holder for multiple transactions.

Who orders money to be paid from the recovery fund quizlet?

The listing broker and selling broker agree to share the commission equally. What will the listing agent receive if the agent is scheduled to get a 65% share from his broker? Who orders money to be paid from the Recovery Fund? A court.

What is the minimum amount of funds that must be maintained in the recovery fund?

four hundred thousand dollarsThe fund is maintained at a minimum level of four hundred thousand dollars.

What is the maximum amount that the recovery fund would reimburse?

A successful applicant to the Recovery Fund may be paid up to a statutory maximum of $50,000 per transaction, with a possible total aggregate maximum of $250,000 per licensee.Nov 6, 2012

What is the maximum sum payable against a single license from the recovery account?

The amount that may be paid from the real estate 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.

What is limitation of liability?

The limitation of liability provisions in commercial contracts are frequently the subject of intense negotiation between the contracting parties, with many hours being spent trying to justify excluding liability for certain types of loss or placing financial caps on the parties’ overall liability.

What factors are considered when deciding whether a cap on liability is reasonable?

Insurance. As noted above, the availability of insurance is one of the key factors which a court will consider when deciding whether a cap on liability is reasonable and businesses will often use the limit of their insurance cover to determine the overall financial cap on their liability under contracts.

What happens if you impose a liability cap that is too low?

The parties should be aware that if they seek to impose exclusions that are too wide, or liability caps that are too low, they run the risk of the entire clause being deemed unenforceable, leaving the defaulting party at risk of potentially unlimited liability (subject to the common law rules on recovery).

What are the key considerations when drafting limitation of liability clauses?

However, there are some key considerations which should be borne in mind when drafting limitation of liability clauses: Careful drafting. Exclusion or limitation of liability clauses need to be approached with care.

Why is the limitation of liability clause important?

This is important because, as noted above in relation to UCTA, a failure to do so could render the entire clause unenforceable.

What is a limitation clause?

Limitation of liability clauses are a useful way of balancing the risk between parties to a commercial contract. The parties can seek to limit their liability under the contract in a number of ways, often by excluding liability for certain types of loss or by putting a financial cap on liability for such losses.

What is an indemnity clause?

In basic terms, an indemnity clause is a promise by one party to compensate another for the consequences of a specific event.

Why are limitation of liability clauses not enforceable?

Some states have held that these clauses are not enforceable because they are adhesive and the parties did not have an opportunity to freely negotiate them or they are void as a matter of public policy.

What is a limitation of liability clause?

A limitation of liability clause is a provision in a contract that limits the amount of exposure a company faces in the event a lawsuit is filed or another claim is made. If found to be enforceable, a limitation of liability clause can "cap" the amount of potential damages to which a company is exposed. The limit may apply to all claims arising ...

Is insurance insurable?

Most companies and individuals use insurance to protect themselves, but not all claims are insurable. For those claims, the use of limitation of liability clauses may be the solution.