UCIOAUniform Common Interest Ownership Act
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(69) The court examined official comments to the UCIOA, which note that the "splitlien" approach is designed to "enforce collection of unpaid assessments and the obvious necessity for protecting the priority of the security interests of lenders." (70) Moreover, the Uniform Law Commission ("ULC") established a Joint Editorial Board for Uniform Real Property Acts, which published a report in 2013 about the priority lien.
If the project is located in a state that has adopted the Uniform Condominium Act (UCA), the Uniform Common Interest Ownership Act (UCIOA), or a similar statute that provides for up to six months of delinquent regular condo assessments to have lien priority over the mortgage lien, Fannie Mae will reimburse the servicer for up to six months of such advances.").
The Superlien of the Uniform Common Interest Ownership Act (UCIOA).
This was the response envisaged by the drafters of the UCIOA. (140)
However, the expectation that escrows would be required was one of the reasons behind the UCIOA's provision limiting the super lien to six months' arrears.
The UCIOA's super lien should be seen as a genuine attempt to protect the financial vitality of condominium associations, which are now performing many functions traditionally carried out by local authorities in the United States, such as garbage collection and maintenance of streets and parks.
In this regard, the super lien proposed by the UCIOA seems to offer an ideal solution.
(120.) UCIOA [subsection] 3-116 (h), 3-103(c) (1994).
See also Winokur, supra note 11, at 387-89, which states that instead of having assessment delinquencies recorded, the UCIOA [section] 3-116(h) allows a unit owner to request a recordable assessment status certificate from the association indicating the unpaid contributions charged against the owner.
(154.) UCIOA, [section] 3-116, comment 1, 7 (1994); 7 U.L.A.
Although the most influential of model acts, UCIOA nevertheless has not been widely adopted by the states.