What good is the law if it doesn require condominium associations to actually fund a reserve?
A. Although the law does not require a specific funding of reserves, it does require establishment of a reserve account and that an initial reserve study and periodic updates be conducted. The study itself will set forth a recommended dollar amount per year or month be placed into a reserve account. Also, the statute explicitly states that, “An association is encouraged to establish a reserve account to fund major maintenance, repair, and replacement of common elements, including limited common elements that will require major maintenance, repair, or replacement within thirty years.” If the association fails to follow the recommendations of the reserve study and actually fund the reserves, the statute does NOT allow “monetary damages or any other liability 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 failing to es
