Topic:
Condominium Property Act
(Mulroe, D-Chicago) amends the powers and duties' section of the current Act. Under current law, the board (by a majority vote of the entire board of managers) has the right to assign the right of the association to future income from common expenses or other sources and to mortgage or pledge substantially all the remaining assets of the association unless the condominium instruments expressly provide to the contrary. Senate Bill 2356 deletes the statutory clause "unless the condominium instruments provide to the contrary." Scheduled for hearing this Wednesday in Senate Judiciary Committee.