Delaware Code of Ethics, Duty of Care of Board of Directors of Homeowners' Association
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FAQ
When one party has an obligation to act in the best interest of another party, such as a corporate board member's duty to the company's shareholders, it is referred to as a fiduciary duty. If the party acts contrary to that duty, it is called a breach of fiduciary duty and can give rise to legal action in civil court.
What does fiduciary mean? Fiduciary duty requires board members to stay objective, unselfish, responsible, honest, trustworthy, and efficient. Board members, as stewards of public trust, must always act for the good of the organization, rather than for the benefit of themselves.
The three fiduciary responsibilities of all board directors are the duty of care, the duty of loyalty and the duty of obedience, as mandated by state and common law. It's vitally important that all board directors understand how their duties fall into each category of fiduciary duties.
HOA INFORMATION AND DOCUMENTSThe association's CC&Rs must be recorded with the county land records to be enforceable.
A fiduciary's obligations include a duty of loyalty, a duty to exercise reasonable care and skill, and a duty to deal impartially with beneficiaries. Id.
HOA board fiduciary responsibility prevents board members from making decisions to further their personal interests. Board members must also avoid an HOA board of directors conflict of interest. This includes choosing a family-related vendor or voting on issues with a bias.
Inconsistent, Arbitrary, or Capricious Enforcement. Even a validly enacted, substantively sound covenant can be nonetheless unenforceable if the HOA's enforcement is procedurally improper, or is conducted inconsistently or for an inappropriate purpose.
Administrative Management, Leadership. Executive directors are the face of your association's administration. They're the voice of your group and provide leadership and direction to not only the staff but also your members.
The Delaware Uniform Common Interest Ownership Act (the DUCIOA) The Delaware Uniform Common Interest Ownership Act, or DUCIOA authorizes and governs many requirements and options for common interest communities.
Your relationship with your HOA or housing development is not a one-way street for lawsuits. Just as they can potentially sue you, you can also sue them. Here are five common reasons you may want to sue your HOA: Harassment or discrimination.
