499B.18 Common expenses before foreclosure.
113 words·~1 min read·
/ia/chapter-499b-horizontal-property-condominiums/499b-18·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Where the mortgagee of a first mortgage of record or other purchaser of an apartment obtains title to the apartment as a result of foreclosure of the first mortgage, such acquirer of title, the acquirer’s successors and assigns, shall not be liable for the share of the common expenses or assessments by the council of co-owners chargeable to such apartment which became due prior to the acquisition of title to such apartment by such acquirer. Such unpaid share of common expenses or assessments shall be deemed to be common expenses collectible from all of the apartment owners including such acquirer, the acquirer’s successors and assigns.
[C66, 71, 73, 75, 77, 79, 81, §499B.18]