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Board members can incur a debt for the association when appropriate - for example an unexpected urgent repair - but must then finance the debt through borrowing from reserves, or a "special assessment" which must be repaid with within a specific period. Generally speaking, the repayment period is within three years or less.
Individual members, however, may not incur debt on behalf of the association. Plans to incur debts must be openly discussed, voted on by the board, passed perhaps unanimously, and when required by the governing documents, be approved by the membership.
What else can I help you with?
Can an individual be held responsible for a girlfriend's debt?
Only if the person were a joint debtor. If the person did not jointly incur the debt nor enter into a financial agreement as a cosigner he or she is not responsible for that debt.
Can trustee cause debt to the trust?
Yes, a trustee can incur debt on behalf of the trust, but such actions must typically align with the trust's terms and purposes. The trustee has a fiduciary duty to act in the best interest of the beneficiaries and must ensure that any debt taken on is prudent and necessary for the trust's management. If the trustee fails to act responsibly or exceeds their authority, they may be held liable for any resulting losses to the trust.
Can you leave a chapter 13 bankruptcy open and refinance your current mortgage if the mortgage?
This question is incomplete. In most districts, you cannot incur new debt if you are a debtor in an active chapter 13 case. To refinance or incur any new debt, you have to obtain the consent of the Standing Chapter 13 Trustee in your case.
When does the government seem to incur debt?
The government seem to incur debts in various cases. Some of the common situations is when there is war and any other national issue that requires huge funding like elections among others.
Will they take your state tax return for student loans?
Yes: Any money that you have coming from federal or state will be taken. A letter will arrive stating that a debt has been forwarded to the Franchise Tax Board that you owe on behalf of the IRS. Its really a sad situation!
When you borrow money do you incur debt savings budgets or assets?
When you borrow money you incur debt.
Who is responsible for church debt?
The responsibility for church debt typically lies with the church leadership, such as the board of trustees or elders. They are accountable for managing the finances and making decisions related to borrowing money or accumulating debt on behalf of the church. Members of the congregation may also play a role in addressing or supporting the repayment of church debt through donations or fundraisers.
Can you use incur in a sentence?
It is easy to incur debt if you abuse your credit cards.
Can you provide some examples of debt that individuals commonly incur?
Some common examples of debt that individuals commonly incur include student loans, credit card debt, mortgages, and car loans.
When did the US first incur the national debt?
The first incur of the national debt was predominantly when the US first began as a country, the expense of the American revolution was somewhat around 75.4 million dollars. Over time, due to expansion and purchase by the nation this caused more debt to accumulate and fluctuate.
Can an individual be held responsible for a girlfriend's debt?
Only if the person were a joint debtor. If the person did not jointly incur the debt nor enter into a financial agreement as a cosigner he or she is not responsible for that debt.
Can trustee cause debt to the trust?
Yes, a trustee can incur debt on behalf of the trust, but such actions must typically align with the trust's terms and purposes. The trustee has a fiduciary duty to act in the best interest of the beneficiaries and must ensure that any debt taken on is prudent and necessary for the trust's management. If the trustee fails to act responsibly or exceeds their authority, they may be held liable for any resulting losses to the trust.
What debt did George W. Bush incur during his term as president?
George Walker Bush increased the national debt by $4.9 million dollars. Doubling it during his presidency.
Can you leave a chapter 13 bankruptcy open and refinance your current mortgage if the mortgage?
This question is incomplete. In most districts, you cannot incur new debt if you are a debtor in an active chapter 13 case. To refinance or incur any new debt, you have to obtain the consent of the Standing Chapter 13 Trustee in your case.
If you incur a debt after you file a bankruptcy can you claim it on the next petition?
Under the new bankruptcy rules, this would be hard to impossible to do.
Is a church council member responsible for church debt?
A church council member or board member is not personally responsible for the debt of the church or board.
When does the government seem to incur debt?
The government seem to incur debts in various cases. Some of the common situations is when there is war and any other national issue that requires huge funding like elections among others.
