Source: https://www.oregonlaws.org/ors/94.595
Timestamp: 2019-03-25 20:33:31
Document Index: 683785676

Matched Legal Cases: ['§15', '§7', '§10', '§8', '§1', '§7', '§4', '§1']

ORS 94.595 - Reserve account for maintaining, repairing and replacing common property - 2017 Oregon Revised Statutes
2017 ORS Vol. 3 Chapter 94 Section 94.595
2017 ORS 94.595¹
(2)(a) A homeowners association shall establish a reserve account to fund major maintenance, repair or replacement of all items of common property which will normally require major maintenance, repair or replacement, in whole or in part, in more than one and less than 30 years, for exterior painting if the common property includes exterior painted surfaces, for other items, whether or not involving common property, if the association has responsibility to maintain the items and for other items required by the declaration or bylaws. The reserve account need not include reserves for those items:
(b) Subject to subsection (8) of this section, after review of the reserve study or reserve study update, the board of directors may, without any action by owners:
(9) Assessments paid into the reserve account are the property of the association and are not refundable to sellers or owners of lots. [1981 c.782 §15; 1999 c.677 §7; 2001 c.756 §10; 2003 c.569 §8; 2005 c.543 §1; 2007 c.409 §7; 2009 c.641 §4; 2017 c.111 §1]