An association of unit owners:

(1)  shall keep all of the association of unit owners’ funds in an account in the name of the association of unit owners; and

contract signature

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Terms Used In Utah Code 57-8-60

  • association: means all of the unit owners:
(a) acting as a group in accordance with the declaration and bylaws; or
(b) organized as a legal entity in accordance with the declaration. See Utah Code 57-8-3
  • Person: means an individual, corporation, partnership, association, trustee, or other legal entity. See Utah Code 57-8-3
  • Unit: includes one or more rooms or spaces located in one or more floors or a portion of a floor in a building. See Utah Code 57-8-3
    • (2)  may not commingle the association of unit owners’ funds with the funds of any other person.

    Enacted by Chapter 395, 2018 General Session

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