Q: Who legally owns the pool and property?What legal trouble am I possibly putting myself in by serving on the BOD?
I live in a neighborhood in TN thay has a community pool. The pool and surrounding area (3 deeded lots) were created about 40 years ago and set up as a C corp. In 1983 the corporation status was revoked due to failure to pay fees and keep records. However, the deeds to the properties are still in the name of the corporation with a contact person listed. The pool is still operational today and providing services and charging for them without interuption since it originally opened 40 years ago. The original Corporation was set up with 11 shareholders, although only 1 can be located. The state of TN has stated they have no record of who the original shareholders are. I was recently contacted about creating and serving on a board of directors for the pool. I am wanting to know who is considered the owner of the pool and property? And also what legal trouble I may put myself in if I agree to help run the pool and serve on the Board Of Directors?
A: Without looking at the documents it would be difficult to say who the owner of the pool is. It sounds like a homeowner's association was created but then allowed to be admistratively dissolved. The pool is likely owned by the owners of the lots in common. But then again that would be subject to the documents. I am not sure what you would be serving on the board of- as there is no entity and no governing documents. Another issue is if the owners carry insurance for the pool property and who is covered? Helping "run" the pool has issues with it as well. Again is there insurance converage? It would likely be best to have a professional company "run" or service the pool. Lots of landmines here. I would suggest the owners get together and hire a lawyer to fix the problems.
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