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<p class="MsoNormal">Am I reading this correct? RCW 64.38.065 seems to require that an homeowners association (not a condo) must, at least, prepare a Reserve Study and an association is “encouraged’ to establish a reserve account (presumably pursuant to the
Reserve Study) but then RCW 64.38.085 says “Monetary damages or any other liability may not be awarded against or imposed upon the association, the officers or board of directors of the association, or those persons who may have provided advice or assistance
to the association or its officers or directors, for failure to: Establish a reserve account; have a current reserve study prepared or updated in accordance with the requirements of this chapter; or make the reserve disclosures in accordance with this chapter.”<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Soooooo, RCW 64.38.065 says you must perform a Reserve Study but RCW 64.38.085 says hey, don’t worry about it because you aren’t liable if you don’t prepare a Reserve Study???<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">(Now I know that an association <i>should</i> prepare a Reserve Study and
<i>should </i>have a reserve fund but that’s not my question)<o:p></o:p></p>
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