Assessment upon membership; notice of assessment; liens. The association or other manager may levy and enforce a reasonable assessment upon a member in accordance with the contract. The assessment is a debt of the member at the time the assessment is made. The amount of the assessment plus any other charges thereon, such as interest, costs, attorney’s fees and penalties, as may be provided for in the contract of membership is a lien upon the member’s interest in the contract of membership. The notice of assessment must state:
1. The amount of the assessment and the other charges authorized by the contract of membership;
2. A description of the member’s interest against which the lien has been assessed; and
3. The name of the member.
ÊThe notice must be signed by an authorized representative of the association or as otherwise provided in the contract of membership. Upon the payment or other satisfaction of the assessment and charges in connection with which the notice has been recorded, the association or other manager shall notify the developer of the satisfaction and the release of the lien thereof.
Last modified: February 27, 2006