Disposition where insurance proceeds are insufficient
- Statute:
- Illinois §14 · Act CPA (Condominium Property Act (765 ILCS 605))
- Topic:
- Insurance & Liability · Insufficient proceeds
- Applies to:
- Condo associations
If insurance is not enough to rebuild, the board assesses the shortfall as a common expense unless the owners vote to sell or remove the property as the Act provides.
📄 Read the official text at ilga.gov →
How SoShiny helps with Disposition where insurance proceeds are insufficient
SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees.
See the feature → Start freeFrequently asked
- What does Illinois §14 require?
- If insurance is not enough to rebuild, the board assesses the shortfall as a common expense unless the owners vote to sell or remove the property as the Act provides.
- Who does Illinois §14 apply to?
- Illinois §14 applies to Condo associations in Illinois.
- What happens if our condo doesn't comply with §14?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for Illinois community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of Illinois §14?
- The official text is published by the Illinois General Assembly at ilga.gov. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Disposition where insurance proceeds are insufficient?
- SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees. Learn more →
Not legal advice. This page is a plain-English summary of Illinois §14 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a Illinois-licensed attorney. For the official statutory text, see the link above.
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