Idaho Code 55-1503 – Definitions
Current as of: 2023 | Check for updates
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As used in this act unless the context otherwise requires:
(a) "Condominium" means an estate in property as defined in section 55-101B, Idaho Code, as amended.
Terms Used In Idaho Code 55-1503
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes a corporation as well as a natural person;
Idaho Code 73-114Property: includes both real and personal property. See Idaho Code 73-114 Trustee: A person or institution holding and administering property in trust.
(b) "Project" means the entirety of the property divided or to be divided into condominiums.
(c) "Property" means the land described in the declaration recorded pursuant to section 55-1505, together with every building, improvement or structure thereon, and every easement or right appurtenant thereto, and all personal property intended for use in connection therewith or for the use, benefit or enjoyment of the condominium owners.
(d) "Unit" means the separate interest in a condominium.
(e) "Common area" means the entire project excepting all units.
(f) "Management body" means any person or persons managing a project, and includes the condominium owners acting themselves, a corporation or association of which the owners are members or stockholders, a board of governors or directors elected by the owners, or a management agent selected by the owners, by the corporation or association, or by the board, or named in the declaration.
(g) "Limited common areas" mean those common areas and facilities designated in the declaration for use of a certain condominium owner or owners to the exclusion, limitation or restriction of others.
(h) "Person" means any individual or any corporation, joint venture, limited partnership, partnership, firm, association, trustee or other similar entity or organization.