25 Del. C. §81-316
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DUCIOA — Lien for Assessments
Creates an assessment lien with 6-month super-priority over first mortgages. Interest rate capped at the lesser of 18 percent per annum or the highest rate permitted by law. Association may not commence foreclosure unless the owner owes at least 3 months of assessments and the executive board votes to proceed against that specific unit. Three-year statute of limitations on lien enforcement. Foreclosure follows judicial (equitable) process.
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Assessment
| Ref | Requirement |
|---|---|
| Creates an assessment lien with 6-month super-priority over first mortgages. | |
| Within 3 years after the full amount of the assessments becomes due | |
| Foreclosed in like manner as a mortgage on real estate, by equitable foreclosure | |
| (b) | Aggregate customary common expense assessment against such unit for 6 months |
Enforcement
| Ref | Requirement |
|---|---|
| Three-year statute of limitations on lien enforcement. |
Financial
| Ref | Requirement |
|---|---|
| Interest rate capped at the lesser of 18 percent per annum or the highest rate permitted by law. |
Governance
| Ref | Requirement |
|---|---|
| Association may not commence foreclosure unless the owner owes at least 3 months of assessments and the executive board votes to proceed against that specific unit. |
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