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An Act To Provide a Definition for the Maine Condominium Act
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  33 MRSA §1601-103, sub-§(2-A)  is enacted to read:
(2-A) "Asset" means a financial contract or a physical object with value that is owned by the association, including, without limitation, cash, accounts receivable, equipment, land and buildings and other permanent structures;
 
SUMMARY
This bill provides a definition of "asset" for use in the Maine Condominium Act.