What happens if a condo board member violates their fiduciary duty?

If a condo board member violates their fiduciary duty, they can be held liable in court for their actions. Fiduciary duty is an obligation of trustees, directors, and other officers to act in the best interests of those they serve without a conflict of interest. In South Carolina, if a board member violates this duty, they may be responsible for any damages caused to the condominium association or individual owners by their actions. The condo association may be able to seek legal action in South Carolina’s civil court system. The board or the association can be awarded damages if the court finds that a board member intentionally or negligently violated their fiduciary duty. The damages can cover any financial losses suffered as a result of the breach. Another option is for other board members to bring a claim for breach of contract against the offending board member. This could involve recouping money misused by the board member or other losses. Ultimately, it is up to the condo association and its members to decide what is appropriate in each case. It is important to remember that condo board members have a duty to act in good faith and in the best interests of the association. Any board member found to be violating their fiduciary duty should be held accountable.

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What happens if a condo board member violates their fiduciary duty?

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