This question is submitted by Dave G. out of Illinois
Does a condo board breach its fiduciary duty when it obtains a reserve study, then does not disclose that a reserve study was done to the members?
Second, as a result of the nondisclosure, the Seller of the condo did not know about the reserve study and sold their condo to a Buyer.
Could the Buyer sue the condo board where the Seller did not know about the Reserve Study and disclosure of the Reserve Study would have shown grossly understated reserves?
Thoughts?