(1) The declaration may require that all or a specified number or percentage of the lenders who hold security interests encumbering the units approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but no requirement for approval may operate to: (a) Deny or delegate control over the general administrative affairs of the association by the unit owners or the executive board; or (b) Prevent the association or the executive board from commencing, intervening in, or settling any solicitation or proceeding; or (c) Prevent any insurance trustee or the association from receiving and distributing any insurance proceeds pursuant to section 38-33.3-313 .
C.R.S. § 38-33.3-219
Rights of secured lenders
Known as the Colorado Common Interest Ownership Act
The act spans §§ 38-33.3-101 to 38-33.3-401 (81 sections).
Digitized from: Public.Law — Colorado Revised Statutes. Reproduced from public-domain Colorado statutes; confirm against the official source for the current text. Not legal advice.