§ 32-25.5-2-4 — "Homeowners association"

Indiana § 32-25.5-2-4

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 25.5: HOMEOWNERS ASSOCIATIONS
• Ch. 2: Definitions

Text

"Homeowners association" means a
corporation or another entity that:
(1) is organized and operated exclusively for the benefit of two (2)
or more persons who each own a dwelling in fee simple;
(2) acts, in accordance with the articles, bylaws, or other
documents governing the corporation or entity, to:
(A) acquire, transfer, manage, repair, maintain, or engage in
construction on or in the land and improvements on the land
related to the use of the dwellings owned by the members of the
corporation or entity;
(B) purchase insurance to cover a casualty or an activity on or
in the land and improvements on the land;
(C) engage in an activity incidental to an activity described in
clause (A) or (B); or
(D) engage in more than one (1) of the activities described in
clauses (A) through (C); and
(3) may be governed by a board that serves the purpose of setting
policy and controlling or otherwise overseeing the activities or
functional responsibilities of the corporation or entity.

Legislative History

As added by P.L.167-2009, SEC.2.