Patricia owns a condominium unit in a building governed by the Minnesota Common Interest Ownership Act (MCIOA). She is delinquent on her homeowners association assessments for eight months. Under MCIOA, which statement correctly describes the association's lien rights?
Correct Answer
A) The association has a lien on Patricia's unit for unpaid assessments, and a limited super-priority portion of that lien takes priority over a first mortgage lien.
Under the Minnesota Common Interest Ownership Act (Minn. Stat. § 515B.3-116), a homeowners association has a lien on each unit for unpaid assessments. Importantly, MCIOA grants the association a 'super-priority' lien for a limited amount — specifically, the equivalent of six months of periodic assessments — which takes priority over a first mortgage lien. This super-priority feature is a critical Minnesota-specific rule that can affect lenders' rights in foreclosure scenarios.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
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