W. Va. Code § 36B-2-119
This is the official text of W. Va. Code § 36B-2-119, part of West Virginia’s Va. Code — part of the compiled statutory law of West Virginia, published by the state as "Va. Code." Browse the sections below, each linked to its official government source.
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§36B-2-119. Rights of secured lenders.
Official statutory text
The declaration may require that all or a specified number or percentage of the lenders who hold security interests encumbering the units approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but no requirement for approval may operate to: (i) Deny or delegate control over the general administrative affairs of the association by the unit owners or the executive board; or (ii) prevent the association or the executive board from commencing, intervening in, or settling any litigation or proceeding; or (iii) prevent any insurance trustee or the association from receiving and distributing any insurance proceeds except pursuant to section 3-113.
Status: in_force · Read it on the official government site
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