If they're in a RF component spending restriction state, then an HOA bank loan from wherever they typically bank would be my next "where's the money" go to. If they have a longer term relationship, it may be a more attractive way to go. Governing docs would need to allow them to do so, or get a special vote meeting to allow it (and resolution/addendum).
With respect to D&O insurance, here's what Goog/Gemini reports as "an action" in the eyes of the law. This is where lawyers need to determine the applicability in relevant state.
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In the eyes of the law, failing to take a required action, especially when a duty exists, can be treated as an "action" in some legal contexts, particularly when it results in harm or a breach of duty. The term "nonfeasance" is often used to describe the failure to perform a required act, and it can have legal consequences, especially in areas like contract and tort law.
Here's a more detailed explanation:
With respect to D&O insurance, here's what Goog/Gemini reports as "an action" in the eyes of the law. This is where lawyers need to determine the applicability in relevant state.
AI Overview
Learn more
In the eyes of the law, failing to take a required action, especially when a duty exists, can be treated as an "action" in some legal contexts, particularly when it results in harm or a breach of duty. The term "nonfeasance" is often used to describe the failure to perform a required act, and it can have legal consequences, especially in areas like contract and tort law.
Here's a more detailed explanation:
- Duty to Act:
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In certain situations, the law imposes a duty to act, meaning that an individual or entity is obligated to take a specific action to prevent harm or fulfill a legal obligation.
- Failure to Act as an Action:
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When someone fails to take the required action when a duty exists, that failure can be treated as an "action" or a "failure to act" that can have legal ramifications.
