July2017

Accordingly, the trial court erred in awarding prejudgment interest on the trebled damages amount instead of only on the compensatory damages amount awarded by the jury. All things considered, this was a big win for condominium associations and unit owners. It is clear that the CFA has teeth and can yield big awards against unscrupulous devel- opers. A multi-million dollar judgment sounds great and is very impressive on paper; however, there still remains the issue of collection. A multi-million dollar award is not worth the paper it is printed on if the developer is insol- vent, bankrupt, or judgment proof. Therein lies the rub. Most of the time, developers will create a project spe- cific entity to act as the “developer” of a condominium development that will have no assets as soon as the last unit in the development is sold. Once all the money is gone, there is nothing left for creditors or plaintiffs to seize. That is why many condominium asso- ciation plaintiffs forego pursuing CFA claims and instead go after insurance proceeds for property damage result- ing from negligent construction. Q Write for Community Trends ® CAI-NJ and the Editorial Committee are always looking for new articles to publish in Community Trends. ® If you are interested in submitting an article for possible inclusion in Community Trends ® , please contact Jaclyn Oskierko at 609-588-0030 or jaclyn@cainj.org. View the guidelines for submitting an article at: www.cainj.org/community-trends

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