Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 1172
       
       
       
       
       
       
                                Ì533798bÎ533798                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/26/2015           .                                
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       The Committee on Regulated Industries (Latvala) recommended the
       following:
       
    1         Senate Amendment to Amendment (363030) 
    2  
    3         Delete lines 280 - 314
    4  and insert:
    5  plan of termination by initiating a petition for mandatory
    6  nonbinding arbitration summary procedure pursuant to s. 718.1255
    7  s. 51.011 within 90 days after the date the plan is recorded. A
    8  unit owner or lienor may only contest the fairness and
    9  reasonableness of the apportionment of the proceeds from the
   10  sale among the unit owners, that the first mortgages of all unit
   11  owners other than the bulk owner have not or will not be fully
   12  satisfied at the time of termination as required by subsection
   13  (3), or that the required vote to approve the plan was not
   14  obtained. A unit owner or lienor who does not contest the plan
   15  within the 90-day period is barred from asserting or prosecuting
   16  a claim against the association, the termination trustee, any
   17  unit owner, or any successor in interest to the condominium
   18  property. In an action contesting a plan of termination, the
   19  person contesting the plan has the burden of pleading and
   20  proving that the apportionment of the proceeds from the sale
   21  among the unit owners was not fair and reasonable or that the
   22  required vote was not obtained. The apportionment of sale
   23  proceeds is presumed fair and reasonable if it was determined
   24  pursuant to the methods prescribed in subsection (12). The
   25  arbitrator court shall determine the rights and interests of the
   26  parties in the apportionment of the sale proceeds and order the
   27  plan of termination to be implemented if it is fair and
   28  reasonable. If the arbitrator court determines that the
   29  apportionment of sale proceeds plan of termination is not fair
   30  and reasonable, the arbitrator court may void the plan or may
   31  modify the plan to apportion the proceeds in a fair and
   32  reasonable manner pursuant to this section based upon the
   33  proceedings and order the modified plan of termination to be
   34  implemented. If the arbitrator determines that the plan was not
   35  properly approved, or that the procedures to adopt the plan were
   36  not properly followed, it may void the plan or grant other
   37  relief it deems just and proper. The arbitrator shall
   38  automatically void the plan upon a finding that any of the
   39  disclosures required in subparagraph (3)(d)4. are omitted,
   40  misleading, incomplete, or inaccurate. Any challenge to a plan,
   41  other than a challenge that the required vote was not obtained,
   42  does not affect title to the condominium property or the vesting
   43  of the condominium property in the trustee, but shall only be a
   44  claim against the proceeds of the plan. In any such action, the
   45  prevailing party shall recover reasonable attorney attorney’s
   46  fees and costs.