§ 35-8A-319 — Association as Trustee

Alabama § 35-8A-319

• Jurisdiction: Alabama
• Title 35: Property
• Ch. 8A: Alabama Uniform Condominium Act
• Art. 3: Management of Condominiums

Text

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 trust powers. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, is fully protected in dealing with the association as if it possessed and properly exercised the powers it purports to exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the association in its capacity as trustee.

Legislative History

(Acts 1990, No. 90-551, p. 858, §3-119.)