2005 Minnesota Statutes - 515B.2-120 — Rights of secured parties.

     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. 


    HIST: 1993 c 222 art 2 s 20