West Virginia Statutes
§ 36B-2-119 — Rights of secured lenders
West Virginia·Ch. 36B UNIFORM COMMON INTEREST OWNERSHIP ACT·Art. 2 CREATION, ALTERATION AND TERMINATION OF COMMON INTEREST COMMUNITIES
The declaration may require that all or a specified number or percentage of the lenders who hold security interests encumbering the units approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but no requirement for approval may operate to:
(i)Deny or delegate control over the general administrative affairs of the association by the unit owners or the executive board; or (ii) prevent the association or the executive board from commencing, intervening in, or settling any litigation or proceeding; or (iii) prevent any insurance trustee or the association from receiving and distributing any insurance proceeds except pursuant to section 3-113.
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Legislative History
1986 Reg. Sess., SB102; 1984 Reg. Sess., SB171; 1980 Reg. Sess., HB788
Nearby Sections
15
§ 36B-1-101
Short Title§ 36B-1-102
Applicability§ 36B-1-103
Definitions§ 36B-1-104
Variation by agreement§ 36B-1-105
Separate titles and taxation§ 36B-1-107
Eminent domain§ 36B-1-109
Construction against implicit repeal§ 36B-1-110
Uniformity of application and construction§ 36B-1-111
Unconscionable agreement or term of contract§ 36B-1-112
Obligation of good faith§ 36B-1-113
Remedies to be liberally administered§ 36B-1-114
Adjustment of dollar amounts