Auctioneer Education and Recovery AccountTennessee Auctioneer Commission
- The auctioneer education and recovery account (“the account”) was established in order to compensate aggrieved members of the public who have been adjudged to have suffered monetary damages as a result of violation(s) of T.C.A. § 62-19-101 et seq., and/or any rules promulgated thereunder committed by a licensee on or after June 30, 1987.
- The account is maintained by the Tennessee Auctioneer Commission (“the Commission”) with a minimum balance of one hundred fifty thousand dollars ($150,000.00).
- The maximum amount of possible recovery under the account is ten thousand dollars ($10,000.00) per transaction, regardless of the number of aggrieved persons. The maximum liability of the account for the acts of a single licensee is limited to an aggregate of twenty thousand dollars ($20,000.00).
- At the commencement of any action which may result in a judgment requiring collection from the account, the aggrieved person commencing the action is required to promptly notify the Commission to that effect in writing via certified mail, return receipt requested.
- An aggrieved person is eligible to recovery from the account when that aggrieved person has obtained a valid judgment in a court of competent jurisdiction and all or any part of the judgment is unpaid after sixty (60) days after the date of the judgment and upon termination of all proceedings (including reviews and appeals).
- Once a judgment has been obtained and proceedings terminated, the aggrieved person may apply to the court which rendered the judgment for an order directing payment from the account in an amount representing the unpaid judgment. If the court determines that all or any part of the judgment has not been paid, the court shall enter an order directing payment from the account.
- Upon the order of a court of competent jurisdiction, the aggrieved person may recover actual or compensatory damages (not including interest and costs) from the account.
- More details regarding the account are specified at T.C.A. § 62-19-116.
This page is for general informational purposes relating to the account and is not legal advice. The Commission cannot provide you with legal advice. If you need greater interpretation or assurance with regard to your understanding of the account or require assistance with applying the law to your specific circumstances, you should consult private legal counsel.