Attorneys and foreclosure auction bidders are likely familiar with the so-called “Gavel Rule” pertaining to bankruptcy filings which occur shortly after a foreclosure sale auction has transpired.  The Gavel Rule provided that so long as the auction was concluded—by the fall of the proverbial gavel—before the owner filed for bankruptcy, the sale could not be undone by the bankruptcy filing.  In actuality, the owner’s equity of redemption was terminated at the signing of the memorandum of sale, an event that would follow directly after the conclusion of the auction, but nevertheless, the Gavel Rule name has stuck.  Due to a recent ruling by the U.S. Bankruptcy Court for the District of Massachusetts, however, the Gavel Rule is no longer the law in the Commonwealth.

One member of our seven-member board has resigned, leaving us with only six members. The association’s documents require a seven-member board, but the next election, at which a new board member might be elected, is several months away and there don’t appear to be any owners willing to fill the vacant position.

Condo association rules provide a behavioral road map for owners, explaining what they are allowed and not allowed to do.  But creating effective rules is only half the challenge for boards; enforcing the rules is the other arguably more challenging half of this equation. 

IT’S A PRIVILEGE!

SHORTER MORE PRODUCTIVE MEETINGS

MEEB has discovered that there are over 1,000 condominium associations owed money and are listed on the Massachusetts Unclaimed Property list.

A federal District Court in Alabama recently held that the Corporate Transparency Act (“CTA”) is unconstitutional, and the ruling could sideline the requirements for filing the Beneficial Ownership Report required under the regulations.

SUPERLIEN MAKES COLLECTING DELINQUENCY CONDOMINIUM PAYMENTS A MATTER OF TIME

DO CONDOMINIUM BOARDS HAVE THE RIGHT TO RESTRICT SIGNS?

MEEB SUPPORTS CAI’S EFFORT AGAINST CTA REPORTING REQUIREMENT