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One specialist says HOA reserves don't need to be “fully funded.” 'This problem is not going away': An entire Florida homeowners association board just quit after $60K special assessment ...
Last year, HOA board members faced charges of racketeering, money laundering, fabricating evidence and using shell companies. Monthly maintenance fees had been jacked up 400% without any real ...
Vicarious liability is a form of a strict, secondary liability that arises under the common law doctrine of agency, respondeat superior, the responsibility of the superior for the acts of their subordinate or, in a broader sense, the responsibility of any third party that had the "right, ability or duty to control" the activities of a violator.
Boards of directors have a fiduciary duty to the property owners; violation of that duty may result in liability for individual directors, and as such the HOA will often adopt an ethics code for the board members to ensure they act ethically and in accordance with their responsibilities. [23]
HOA board members will be required to complete a state-approved educational course covering financial literacy and transparency, fines, recordkeeping and meeting notices. Directors of HOAs with ...
It is sometimes said that 95% of cases end in settlement; few jurisdictions report settlements, but empirical analysis suggests that the settlement rate varies by type of lawsuit, with torts settling around 90% of the time and overall civil cases settling 50% of the time; other cases end due to default judgment, lack of a valid claim, and other ...
Section 617.0802(2) provides a further qualification for grantors and beneficiaries of trusts in which the trust owns property and who wish to serve on the Board of Directors for a condominium ...
In an agency context, a principal may be obligated to indemnify their agent for liabilities incurred while carrying out responsibilities under the relationship. While the events giving rise to an indemnity may be specified by contract, the actions that must be taken to compensate the injured party are largely unpredictable, and the maximum ...