If your Declaration or By-Laws contain an "acceleration clause", you may be able to charge future assessments to owners who are in collections.

The standard language of an acceleration clause states that an association may accelerate the maturity date of assessments due for the remainder of the calendar or fiscal year and apply them to a delinquent owner's account.  If you are pursuing legal collection action against a delinquent owner, an acceleration clause allows you to charge the owner's account now for assessments that will be due in future months, and possibly obtain a judgment for those amounts.  This can save the association additional legal fees when assessments continue to go unpaid through the remainder of the year.

Consult your governing documents to determine if this remedy is available to your association.

Search Articles...

Membership Plans

Subscribe to the Chicago Condo Resource to access our Members Only Content.

Subscribe to Newsletter

Seminars & Events

Wed Jan 27 @ 6:30PM - 07:30PM
Legal Updates: Illinois
January 2021
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30