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2004 SESSION
SB 463 Condo. & Prop. Own. Assn. Acts; unit sold in a nonjudic. foreclo. proceed. sold subj. to prior lien.
Introduced by: Mary Margaret Whipple | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Condominium Act and Property Owners' Association Acts; nonjudicial foreclosure. Clarifies that a unit or lot sold in a nonjudicial foreclosure proceeding shall be sold subject to prior liens. The bill reverses the Supreme Court holding in Wachovia vs. Colchester Towne, which required lienholders to be paid by the sale proceeds. The bill clarifies that these associations have the authority to serve as a unit owner's or a lot owner's statutory agent and may transfer title to the unit or lot to the purchaser at the foreclosure sale. The bill also (i) extends from 24 to 36 months, the time for initiating foreclosure proceedings to enforce a lien; (ii) adds additional notice requirements to the owner of the unit or lot; (iii) provides for the appointment of a trustee to conduct the sale; (iv) allows the association to bid on the unit or lot; (v) clarifies that foreclosure sale expenses include the association's advertising costs and reasonable attorneys' fees; and (vi) requires the association to prepare an accounting to show the distribution of the sale proceeds. The bill contains technical amendments. The bill is identical to House Bill 449.
FULL TEXT
- 01/14/04 Senate: Presented & ordered printed, prefiled 01/14/04 042784844 pdf
- 01/29/04 Senate: Committee substitute printed 042812844-S1 pdf
- 03/15/04 Senate: Bill text as passed Senate and House (SB463ER) pdf
- 04/21/04 Governor: Acts of Assembly Chapter text (CHAP0778) pdf
AMENDMENTS
HISTORY
- 01/14/04 Senate: Presented & ordered printed, prefiled 01/14/04 042784844
- 01/14/04 Senate: Referred to Committee on General Laws
- 01/28/04 Senate: Reported from General Laws with sub (14-Y 0-N)
- 01/29/04 Senate: Committee substitute printed 042812844-S1
- 01/30/04 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/30/04 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/02/04 Senate: Read second time
- 02/02/04 Senate: Reading of substitute waived
- 02/02/04 Senate: Committee substitute agreed to 042812844-S1
- 02/02/04 Senate: Engrossed by Senate - committee substitute SB463S1
- 02/03/04 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/03/04 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 02/03/04 Senate: Communicated to House
- 02/05/04 House: Placed on Calendar
- 02/05/04 House: Read first time
- 02/05/04 House: Referred to Committee on General Laws
- 02/19/04 House: Reported from General Laws with amds (22-Y 0-N)
- 02/23/04 House: Read second time
- 02/24/04 House: Read third time
- 02/24/04 House: Committee amendments agreed to
- 02/24/04 House: Engrossed by House as amended
- 02/24/04 House: Passed House with amendments BLOCK VOTE (97-Y 0-N)
- 02/24/04 House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
- 02/26/04 Senate: Passed by for the day
- 02/27/04 Senate: House amendments agreed to by Senate (39-Y 0-N)
- 02/27/04 Senate: VOTE: CONCUR HOUSE AMENDMENT (39-Y 0-N)
- 03/15/04 Senate: Bill text as passed Senate and House (SB463ER)
- 03/15/04 Senate: Enrolled
- 03/17/04 Senate: Signed by President
- 03/17/04 House: Signed by Speaker
- 04/14/04 Governor: Approved by Governor-Chapter 778 (effective 7/1/04)
- 04/21/04 Governor: Acts of Assembly Chapter text (CHAP0778)