Foreclosure on Lien for Unpaid Assessments; Priority of Certain Liens - House Bill 470 provides that a property owners' or condominium association may conduct a foreclosure sale on a lien for unpaid assessments subject to the lien of a first trust. The bill also provides that such portion of the unpaid assessments is directly attributable to the maintenance and upkeep of the common areas and such other areas of association responsibility expressly provided for in the declaration, including capital expenditures shall be prior to all other liens and encumbrances. The bill contains technical amendments. The LAC supported this bill with modification to establish Uniform Act limited lien priority. The bill was left in committee and did not pass.
Foreclosure on Lien for Unpaid Assessments - Senate Bill 411 provides that a property owners' or condominium association may conduct a foreclosure sale on a lien for unpaid assessments subject to the lien of a first trust. The LAC supported this bill, but the bill was stricken at the request of the patron and as a result did not pass. |