Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
515B.2-120 RIGHTS OF SECURED PARTIES.
Notwithstanding any requirement in the declaration, the articles of incorporation or the
bylaws that a percentage of secured parties approve specified actions of the unit owners or the
association as a condition to the effectiveness of those actions, 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 board of directors, or (ii) prevent the association or the board of directors
from commencing, intervening in, or settling any litigation or proceeding, or (iii) prevent the
association or its appointed insurance trustee from receiving and distributing any insurance
proceeds except pursuant to section 515B.3-113.
History: 1993 c 222 art 2 s 20
Notwithstanding any requirement in the declaration, the articles of incorporation or the
bylaws that a percentage of secured parties approve specified actions of the unit owners or the
association as a condition to the effectiveness of those actions, 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 board of directors, or (ii) prevent the association or the board of directors
from commencing, intervening in, or settling any litigation or proceeding, or (iii) prevent the
association or its appointed insurance trustee from receiving and distributing any insurance
proceeds except pursuant to section 515B.3-113.
History: 1993 c 222 art 2 s 20
Official Publication of the State of Minnesota
Revisor of Statutes