Indiana Code 34-6-2-58. “Homeowners association”
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Sec. 58. “Homeowners association”, for purposes of section 127 of this chapter, means a corporation or other entity that:
(2) acts, in accordance with the articles, bylaws, and other documents governing the entity, to:
(1) is organized and operated exclusively for the benefit of two (2) or more persons who each own a dwelling in fee simple; and
Terms Used In Indiana Code 34-6-2-58
- 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.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
(A) acquire, transfer, manage, repair, maintain, or engage in construction on or in the land and improvements on the land related to the use of the dwellings owned by the members of the corporation;
(B) purchase insurance to cover a casualty or an activity on or in the land and improvements on the land;
(C) engage in an activity incidental to an activity described in clause (A) or (B); or
(D) engage in more than one (1) of the activities described in clauses (A) through (C).
[Pre-1998 Recodification Citation: 34-4-11.5-1.3.]
As added by P.L.1-1998, SEC.1.