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Texas Statutes (Last Updated: January 4, 2014) |
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OCCUPATIONS CODE |
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Title 7. PRACTICES AND PROFESSIONS RELATED TO REAL PROPERTY AND HOUSING |
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Subtitle A. PROFESSIONS RELATED TO REAL ESTATE |
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Chapter 1101. REAL ESTATE BROKERS AND SALESPERSONS |
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Subchapter M. REAL ESTATE RECOVERY TRUST ACCOUNT |
Sec. 1101.606. CLAIM FOR PAYMENT FROM TRUST ACCOUNT
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(a) Except as provided by Subsection (c), an aggrieved person who obtains a court judgment against a license or certificate holder for an act described by Section 1101.602 may, after final judgment is entered, execution returned nulla bona, and a judgment lien perfected, file a verified claim in the court that entered the judgment.
(b) After the 20th day after the date the aggrieved person gives written notice of the claim to the commission and judgment debtor, the person may apply to the court that entered the judgment for an order for payment from the trust account of the amount unpaid on the judgment. The court shall proceed promptly on the application.
(c) If an aggrieved person is precluded by action of a bankruptcy court from executing a judgment or perfecting a judgment lien as required by Subsection (a), the person shall verify to the commission that the person has made a good faith effort to protect the judgment from being discharged in bankruptcy.
(d) The commission by rule may prescribe the actions necessary for an aggrieved person to demonstrate that the person has made a good faith effort under Subsection (c) to protect a judgment from being discharged in bankruptcy.