Board’s Fiduciary Duty to Collect Assessments

    A community association’s board of directors owes a fiduciary duty to the community association to make sure that the financial condition of the community association is protected. This duty requires community association’s boards to diligently pursue assessments to protect the financial integrity of the community association. Failing to collect assessments can also lead to a breach of its fiduciary duty to maintain community association property. Additionally, the directors are required to act fairly in the treatment of the community association and owners.

 

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