Association as trustee
- Statute:
- North Carolina §47C-3-119 · Chapter 47C (North Carolina Condominium Act)
- Topic:
- Governance · Trustee
- Applies to:
- Condo associations
If the association is designated as trustee of insurance proceeds, condemnation awards, or other receipts, it holds them for the unit owners and lienholders as this section provides.
📄 Read the official text at ncleg.gov →
How SoShiny helps with Association as trustee
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 North Carolina §47C-3-119 require?
- If the association is designated as trustee of insurance proceeds, condemnation awards, or other receipts, it holds them for the unit owners and lienholders as this section provides.
- Who does North Carolina §47C-3-119 apply to?
- North Carolina §47C-3-119 applies to Condo associations in North Carolina.
- What happens if our condo doesn't comply with §47C-3-119?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for North Carolina community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of North Carolina §47C-3-119?
- The official text is published by the North Carolina General Assembly at ncleg.gov. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Association as trustee?
- 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 North Carolina §47C-3-119 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a North Carolina-licensed attorney. For the official statutory text, see the link above.
Stay current on North Carolina association law.
Get the free quick-reference guide plus a heads-up when the statutes that govern your community change.
Don’t run your condo on spreadsheets.
Start your community free →