Legal Question in Business Law in Florida
my condo assn. took out a loan to repair our bldgs. after the 2005 hurricane. we had monthly pmts. for 5 years to pay total loan balance. the acct. used to pay our loan built up funds due to some owners paying their assessment in full insteal of monthly for five years. the board considered this surplus finds and used it to pay for other repairs not on original assessment. now we do not have the funds available to pay our loan balance. should the board have used these funds to pay off our original loan? i think the funds are not surplus funds until that laon has been paid in full.
Asked on 8/21/09, 11:14 am
1 Answer from Attorneys
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