[WSBARP] Condo Borrowings Under RCW 64.32

[Bryce Dille]

What does condo declaration say about the right to borrow and pledge assets. As a last resort the members could elect to come under RCW64.90 then the authority would exist

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Paul Neumiller
Sent: Tuesday, September 1, 2020 4:33 PM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Condo Borrowings Under RCW 64.32


Listmates, I have a Condo Asso. client which is formed under the Horizontal Property Regimes Act.  It needs to borrow money to replace siding on buildings.  I anticipate that the bank will want the Asso. to assign its future right to income as security which is permitted under the WCA and the new WUCIOA.  But Chapter 64.32 seems silent on the question on this ability.  So, does a Chapter 64.32 Condo Asso. have the right to assign its right to future income to secure a loan because Chapter 64.32 does not prohibit it OR does a Chapter 64.32 Condo Asso. not have the right to assign its right to a future income because Chapter 64.32 does not permit it?  Not sure, but I would anticipate that I will need to provide a formal opinion letter for the loan.









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