Verbatim from the public record. The law itself is a government work — always confirm the current version on the official source before you rely on it.
A. An "owners association" may be formed by the owner
or owners of real estate development for the purpose of:
1. providing management, maintenance, preservation
and control of commonly owned areas or any portion of or interest in them,
and/or
2. enforcing all mutual, common or reciprocal
interests in or restrictions upon all or portions of such separately owned lots,
parcels, or areas, or both.
B. An owners association shall be formed by the
execution of an instrument signed and acknowledged by all owners of the real
property included. Such instrument shall set forth in detail the nature of the
obligations of the members and shall be filed of record in the office of the
county clerk of the county wherein the real property is located. The instrument
shall include a description of said real property.
C. The owners association shall have the power to
enforce any obligation in connection with membership in the owners association
by means of a levy or assessment which may become a lien upon the separately or
commonly owned lots, parcels or areas of defaulting owners or members, which
said lien may be foreclosed in any manner provided by law for the foreclosure of
mortgages or deeds of trust, with or without a power of sale. In an action
brought to enforce any lien authorized pursuant to the provisions of this
section, the prevailing party shall be entitled to recover reasonable attorney's
fees to be fixed by the court, which shall be taxed as costs in the action. No
lien may be placed or mortgage foreclosed unless the homeowner was informed in
writing upon joining the owners association of the existence and content of the
owners association restrictions and rules, and of the potential for financial
liability to the individual owner by joining said owners
association.
Historical Data
Laws 1975, HB 1442, c. 292 § 2, emerg. eff.
June 5, 1975; Amended by Laws 1986, HB 1721, c. 48, § 1, eff. November 1,
1986.