Question:
How long can a Condo Board retain insurance money received prior to disbursing it to the homeowners.
– Ronald
Answer:
Hi Ronald,
Kindly review the governing documents to verify how long the board can hold the insurance money before disbursement. There may be provisions specifically stating when the board must distribute the funds. If there are no provisions, condo boards generally have a fiduciary responsibility to the association and are obligated to act in its best interest. For further guidance, kindly consult a lawyer.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
