Reserve Studies and the Law

Legal requirements have been established in several states which mandate Reserve Studies for community associations. Some states have already set minimum funding levels. These requirements also apply to a Board of Directors which has a fiduciary obligation (typically through the CC & R's or State Corporation laws) to conduct it's business in the best interest of it's membership.

Arizona Civil Code

Arizona Civil Code - MS WORD

Arizona Civil Code - PDF

California Civil Code

California Civil Code - MS WORD

California Civil Code - PDF

Nevada Civil Code

Nevada Civil Code - MS WORD

Nevada Civil Code - PDF