Note
This part, referenced as repealed in the main volume, was reenacted by L 2007, c 244, pt of §2. Source notes for the sections in this part begin with L 2007, c 244.
Cross References
Association documents to be provided, see §514B-154.5.
§514A-93.5 Disposition of unclaimed possessions. (a) When personalty in or on the common elements of a project has been abandoned, the board of directors may sell the personalty in a commercially reasonable manner, store such personalty at the expense of its owner, donate such personalty to a charitable organization, or otherwise dispose of such personalty in its sole discretion; provided that no such sale, storage, or donation shall occur until sixty days after the board complies with the following:
(1) The board notifies the owner in writing of:
(A) The identity and location of the personalty; and
(B) The board of directors' intent to so sell, store, donate, or dispose of the personalty.
Notification shall be by certified mail, return receipt requested to the owner's address as shown by the records of the association or to an address designated by the owner for the purpose of notification or, if neither of these is available, to the owner's last known address, if any; or
(2) If the identity or address of the owner is unknown, the board of directors shall first advertise the sale, donation, or disposition at least once in a daily paper of general circulation within the circuit in which the personalty is located.
(b) The proceeds of any sale [or] disposition of personalty under subsection (a) shall, after deduction of any accrued costs of mailing, advertising, storage, and sale, be held for the owner for thirty days. Any proceeds not claimed within this period shall become the property of the association of apartment owners. [L 2007, c 244, pt of §2]
Section: Previous 514a-91 514a-92 514a-92.1 514a-92.2 514a-92.5 514a-93 514a-93.3 514a-93.5 514a-94 514a-95 514a-95.1 514a-96 514a-97 514a-98 514a-99 NextLast modified: October 27, 2016