§36B-3-118. Association Records
The association shall keep financial records sufficiently detailed to enable the association to comply with section 4-109. All financial and other records must be made reasonably available for examination by any unit owner and his authorized agents.
§36B-3-119. Association as Trustee
With respect to a third person dealing with the association in the association's capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whether the association has power to act as trustee or is properly exercising […]
§36B-3-111. Tort and Contract Liability
Neither the association nor any unit owner except the declarant is liable for that declarant's torts in connection with any part of the common interest community which that declarant has the responsibility to maintain. Otherwise, an action alleging a wrong done by the association must be brought against the association and not against any unit […]
§36B-3-112. Conveyance or Encumbrance of Common Elements
(a) In a condominium or planned community, portions of the common elements may be conveyed or subjected to a security interest by the association if persons entitled to cast at least eighty percent of the votes in the association, including eighty percent of the votes allocated to units not owned by a declarant, or any […]
§36B-3-113. Insurance
(a) Commencing not later than the time of the first conveyance of a unit to a person other than a declarant, the association shall maintain, to the extent reasonably available: (1) Property insurance on the common elements and, in a planned community, also on property that must become common elements, insuring against all risks of […]
§36B-3-114. Surplus Funds
Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves must be paid to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments.
§36B-3-115. Assessments for Common Expenses
(a) Until the association makes a common expense assessment, the declarant shall pay all common expenses. After an assessment has been made by the association, assessments must be made at least annually, based on a budget adopted at least annually by the association. (b) Except for assessments under subsections (c), (d) and (e), all common […]
§36B-3-116. Lien for Assessments
(a) The association has a lien on a unit for any assessment levied against that unit or fines imposed against its unit owner from the time the assessment or fine becomes due. Unless the declaration otherwise provides, fees, charges, late charges, fines and interest charged pursuant to section 3- 102(a)(10), (11) and (12) are enforceable […]
§36B-3-117. Other Liens
(a) In a condominium or planned community: (1) Except as provided in paragraph (2), a judgment for money against the association (if recorded) is not a lien on the common elements, but is a lien in favor of the judgment lien holder against all of the units in the common interest community at the time […]
§36B-3-105. Termination of Contracts and Leases of Declarant
If entered into before the executive board elected by the unit owners pursuant to section 3-103(f) takes office: (i) Any management contract, employment contract, or lease of recreational or parking areas or facilities; (ii) any other contract or lease between the association and a declarant or an affiliate of a declarant; or (iii) any contract […]