Any person who, without negligence on his part, sustains loss or damage or is deprived
of land, or of any estate or interest therein, through fraud or negligence or in consequence
of any error, omission, mistake, misfeasance, or misdescription in any certificate
of title or in any entry or memorandum in the registration book, and who, by the provisions
of this Chapter, is barred or in any way precluded from bringing an action for the
recovery of such land or interest or estate therein or claim upon same, may bring
an action in the superior court of the county in which the land is situate for the
recovery of compensation for such loss or damage from the assurance fund. Such action shall be against the State Treasurer and all other persons who may be
liable for the fraud, negligence, omission, mistake or misfeasance; but if such claimant
has the right of action or other remedy for the recovery of the land, or of the estate
or interest therein, or of the claim upon same, he shall exhaust such remedy before
resorting to the assurance fund.
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