What is the name of your state (only U.S. law)? Utah
An HOA expired in 2006 and 91% of the building has been foreclosed by the lender as of 06/09. The lender has started a new entity to assign their 91% ownership. That entity with with no HOA renewed, nor following the directives of the past bylaws has spent nearly $200k in the past two months. With no warning now the entity is sending invoices and is preparing to spend $700k more. The questions- Are the 9% on the hook for what this entity is spending? Would the old bylaws be effective? Is their a conflict of interest going on here?
An HOA expired in 2006 and 91% of the building has been foreclosed by the lender as of 06/09. The lender has started a new entity to assign their 91% ownership. That entity with with no HOA renewed, nor following the directives of the past bylaws has spent nearly $200k in the past two months. With no warning now the entity is sending invoices and is preparing to spend $700k more. The questions- Are the 9% on the hook for what this entity is spending? Would the old bylaws be effective? Is their a conflict of interest going on here?