Defalcation and the Hazards of Board Membership – Lessons from the Fifth Circuit (TX)
Do you serve on your condominium’s board as a fun way to meet your neighbors and test out your governance skills? What seems like a low-commitment diversion can balloon into a stressful time suck – or worse. You may be held personally liable for breaching fiduciary duties to your condo. And if you fall into really bad luck and end up in bankruptcy, you may not even be able to discharge debts for such liability, as a recent Fifth Circuit decision reminds us. Read the article…………..