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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 | history
SUMMARY AS PASSED:
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.
SUMMARY AS PASSED SENATE:
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.
SUMMARY AS INTRODUCED:
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) adds a 30-day right of redemption; (v) allows the association to bid on the unit or lot; (vi) clarifies that foreclosure sale expenses include the association's advertising costs and reasonable attorneys' fees; and (vii) requires the association to prepare an accounting to show the distribution of the sale proceeds. The bill contains technical amendments.