Kentucky Statutes 381.9159 – Rights of secured lenders
Current as of: 2024 | Check for updates
|
Other versions
The declaration may require that all or a specified number or percentage of the mortgagees encumbering the units approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but a requirement for approval shall not operate to:
(1) Deny or delegate control over the general administrative affairs of the association by the unit owners or the executive board; or
(2) Prevent the association or the executive board from commencing, intervening in, or settling any litigation or proceeding, or receiving and distributing any insurance proceeds except as provided in KRS § 381.9187.
Effective: January 1, 2011
History: Created 2010 Ky. Acts ch. 97, sec. 30, effective January 1, 2011.
(1) Deny or delegate control over the general administrative affairs of the association by the unit owners or the executive board; or
Terms Used In Kentucky Statutes 381.9159
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
(2) Prevent the association or the executive board from commencing, intervening in, or settling any litigation or proceeding, or receiving and distributing any insurance proceeds except as provided in KRS § 381.9187.
Effective: January 1, 2011
History: Created 2010 Ky. Acts ch. 97, sec. 30, effective January 1, 2011.