448.2-119. Rights of secured lenders.

Rights of secured lenders.

448.2-119. The declaration may require that all or aspecified number or percentage of the mortgagees or beneficiariesof deeds of trust encumbering the units approve specified actionsof the unit owners or the association as a condition to theeffectiveness of those actions, but no requirement for approvalmay operate to (1) deny or delegate control over the generaladministrative affairs of the association by the unit owners orthe executive board, or (2) prevent the association or theexecutive board from commencing, intervening in, or settling anylitigation or proceeding, or receiving and distributing anyinsurance proceeds except pursuant to section 448.3-113.

(L. 1983 H.B. 177)