81.260 - Association’s property subject to execution; member’s interest sold upon execution; rights of purchaser.
81.260 Association’s property subject to execution; member’s interest sold upon execution; rights of purchaser.
1. The property of the association shall be subject to judgment and execution for the lawful debts of the association.
2. The interest of a member in the association, if sold upon execution, or any judicial or governmental order whatever, cannot authorize the purchaser to have any right, except to succeed, as a member in the association, with the consent of the directors, to the rights of the member whose interest is thus sold. If the directors shall choose to pay or settle the matter, as provided in case of refused members, after such sale, they may either cancel the membership, and add the interest thus sold to the assets or common property of the association, or reissue the share or right to a new member upon proper payment therefor, as the directors may determine.
[6:60:1901; RL § 1254; NCL § 1589]