CHAPTER 36B. UNIFORM COMMON INTEREST OWNERSHIP ACT.

ARTICLE 2. CREATION, ALTERATION AND TERMINATION OF COMMON INTEREST COMMUNITIES.

§36B-2-119. Rights of secured lenders.

The declaration may require that all or a specified number or percentage of the lenders who hold security interests encumbering the units approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but no requirement for approval may operate to: (i) Deny or delegate control over the general administrative affairs of the association by the unit owners or the executive board; or (ii) prevent the association or the executive board from commencing, intervening in, or settling any litigation or proceeding; or (iii) prevent any insurance trustee or the association from receiving and distributing any insurance proceeds except pursuant to section 3-113.

Bill History For §36B-2-119

1986 Regular Session
SB102
1986 Regular Session
SB102
1986 Regular Session
SB102
1984 Regular Session
SB171
1984 Regular Session
SB171
1984 Regular Session
SB171
1980 Regular Session
HB788
1980 Regular Session
HB788
1980 Regular Session
HB788