|SB 0299||Gives priority to prior recorded mortgage/deed of trust over condominium association lien|
|LR Number:||S1278.01P||Fiscal Note:||1278-01|
|Committee:||Financial and Governmental Organization|
|Last Action:||03/30/99 - Hearing Conducted H Judiciary Committee||Journal page:|
|Effective Date:||August 28,1999|
SB 299 - Current law establishes a priority over a condominium association's lien for up to six month's assessments or fines if they are due prior to any subsequent refinancing of a unit or for any subsequent second mortgage interest. The act removes this priority and expands the exceptions to the priority of the lien to include a mortgage or deed of trust recorded before the date on which the assessment sought to be enforced by the condominium association became delinquent.
The bill is similar to SB 903 (1998).