Marvin Mandel, Governor                        1363

SALESMAN A FEE, IN SUCH AMOUNT THAT THE FUND
WILL BE RETURNED TO THE TWO HUNDRED FIFTY THOU-
SAND DOLLARS LEVEL.

(d) No action may be commenced to recover damages under this
act, which might subsequently result in an order for collection from
said guaranty fund, later than two years from the accrual of the
cause of action thereon.

(e) (D) (1) When any aggrieved person commences any action
CLAIM under this act for a judgment which may result in collection
from said guaranty fund, the aggrieved person shall notify said com-
mission in writing to this effect at the time of the commencement of
such action. Said commission shall have the right to enter an appear-
ance, intervene in or defend any such action. (2) When any ag-
grieved person recovers a valid judgment in any court of competent
jurisdiction SUSTAINS A PECUNIARY LOSS against any real
estate broker or real estate salesman or the unlicensed employee of
any such real estate broker for loss or damages sustained by reason
of the embezzlement of money or property, or money or property
unlawfully obtained from any person by false pretenses, artifice,
trickery or forgery or by reason of any fraud, misrepresentation or
deceit by or on the part of such real estate broker or salesman or
the unlicensed employee of any such real estate broker, OR BY
REASON OF A VIOLATION OF THIS SUBTITLE BY SUCH
BROKER, SALESMAN, OR EMPLOYEE such aggrieved person
may upon the final determination of, or expiration of time for appeal

in connection with, any judgment, file a verified claim in the circuit

court for the county in which the aggrieved person resides or the

circuit court for the county in which such judgment was entered

and, upon ten days' written notice to said commission, may apply to

such court for an order directing payment out of said guaranty fund

of the amount unpaid upon the judgment, subject to the limitations

stated in section (a) hereof and the limitations specified in this

section. (3) The court SHALL FILE A VERIFIED CLAIM WITH
THE COMMISSION, AND APPLY TO SUCH COMMISSION FOR
PAYMENT OUT OF THE GUARANTY FUND OF THE AMOUNT
OF THE LOSS FOUND BY THE COMMISSION TO BE IN-
CURRED BY SUCH AGGRIEVED PERSON, SUBJECT TO THE
LIMITATIONS SPECIFIED IN THIS SECTION. (3) THE COM-
MISSION shall proceed upon such application in a summary man-
ner, and, upon the hearing thereof, the aggrieved person shall be
required to show: (i) He is not a spouse of the debtor, or the
personal representative of such spouse; (ii) he has complied with
all the requirements of this section; (iii) he has obtained a judg-
ment as set out in subsection (1) of this section, stating the amount
thereof and the amount owing thereon at the date of the application;

(iv) he has caused to be issued a writ of execution upon said judg-

ment and the officer executing the same has made a return showing

that no personal or real property of the judgment debtor liable to
be levied upon in satisfaction of the judgment could be found, or
that the amount realized on the sale of them or of such of them
as were found, under the execution, was insufficient to satisfy the
judgment, stating the amount so realized and the balance remaining
due on the judgment after application thereon of the amount real-
ized; (v) he has made all reasonable searches and inquiries to ascer-
tain whether the judgment debtor is possessed of real or personal
property or other assets, liable to be sold or applied in satisfaction