“Reserve account requirements” means the estimated funds that the board has determined are required to be available at a specified point in time to repair, replace, or restore those major components that the association is obligated to maintain.
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Related Topics
Related Statutes
- Civil Code Section 5560. Reserve Funding Plan.
- Civil Code Section 5550. Reserve Study Requirements.
- Civil Code Section 5515. Transfer of Reserve Funds; Limitations and Requirements.
- Civil Code Section 5510. Use of Reserve Funds; Withdrawal Requirements.
- Civil Code Section 4177. “Reserve Accounts” Defined.
Related Case Law
- Raven’s Cove Townhomes, Inc. v. Knuppe Development Co.
(1981) 114 Cal.App.3d 783
[Fiduciary Duties; Reserve Account] A HOA board’s failure to properly fund a reserve account constituted a breach of their fiduciary duties to the HOA and its members.