Community Associations at Middle Age: A New Bankruptcy Law and Other Proposals
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Community associations represent a major American shift toward collective private ownership of housing, following in the path of the rise of the private business corporation 100 years ago. The laws overseeing the chartering, organizing, governing, and other aspects of business corporation workings have been significantly revised many times. It has been a case of gaining experience with corporate forms of business ownership and then responding to the problems and opportunities as they have been discovered by businessmen, researchers, and other observers. As more and more community associations now reach middle age, it is time in this area of collective property ownership as well for a full retrospective assessment and new state laws and other institutional initiatives in response to the problems and opportunities as they are identified.