Florida Statutes 719.115 – Limitation of liability
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 719.115
- Association: means the corporation for profit or not for profit that owns the record interest in the cooperative property or a leasehold of the property of a cooperative and that is responsible for the operation of the cooperative. See Florida Statutes 719.103
- Bylaws: means the bylaws of the association existing from time to time. See Florida Statutes 719.103
- Common areas: includes within its meaning the following:(a) The cooperative property which is not included within the units. See Florida Statutes 719.103
- Common expenses: means all expenses and assessments properly incurred by the association for the cooperative. See Florida Statutes 719.103
- Cooperative: means that form of ownership of real property wherein legal title is vested in a corporation or other entity and the beneficial use is evidenced by an ownership interest in the association and a lease or other muniment of title or possession granted by the association as the owner of all the cooperative property. See Florida Statutes 719.103
- owner of a unit: means the person holding a share in the cooperative association and a lease or other muniment of title or possession of a unit that is granted by the association as the owner of the cooperative property. See Florida Statutes 719.103
- Unit: means a part of the cooperative property which is subject to exclusive use and possession. See Florida Statutes 719.103
(1) The liability of the owner of a unit for common expenses is limited to the amounts for which he or she is assessed for common expenses from time to time in accordance with this chapter, the cooperative documents, and the bylaws.(2) The owner of a unit may be personally liable for acts or omissions of the association in relation to the use of the common areas, but only to the extent of his or her pro rata share of the liability in the same percentage of his or her designated portion of the common expenses and then in no case shall the liability exceed the value of his or her unit.(3) In any legal action in which the association may be exposed to liability in excess of insurance coverage protecting it and the unit owners, the association shall give notice of the exposure within a reasonable time to all unit owners, and they shall have the right to intervene and defend.