Ala. Admin. Code r. 465-X-7-.03

Current through Register Vol. 43, No. 1, October 31, 2024

Section 465-X-7-.03 - Subrogation

If the Court orders the Board to pay any sum from the Homeowners' Recovery Fund, the Board shall be surrogated to all the rights of the home owner/judgment creditor. As the judgment creditor, the homeowner to whom any sum from the Homeowners' Recovery Fund was paid, shall execute and Assignment of Rights, assigning the Board all of his/her/its rights, title, and interest in the judgment, to the extent of the amount paid from the Homeowners' Recovery Fund, to the Board.

Ala. Admin. Code r. 465-X-7-.03

New Rule: Filed May 5, 1999; effective June 9, 1999. Amended: Filed May 6, 2002; effective June 10, 2002. Amended: Filed August 25, 2011; effective September 29, 2011.

Author: Kathy Perry Brasfield

Statutory Authority:Code of Ala. 1975, §§ 34-14A-11, 34-14A-15.