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800-234-4656
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Accordingly, the trial court erred in
awarding prejudgment interest on the
trebled damages amount instead of
only on the compensatory damages
amount awarded by the jury.
All things considered, this was a
big win for condominium associations
and unit owners. It is clear that the
CFA has teeth and can yield big
awards against unscrupulous devel-
opers. A multi-million dollar judgment
sounds great and is very impressive
on paper; however, there still remains
the issue of collection. A multi-million
dollar award is not worth the paper it
is printed on if the developer is insol-
vent, bankrupt, or judgment proof.
Therein lies the rub. Most of the time,
developers will create a project spe-
cific entity to act as the “developer”
of a condominium development that
will have no assets as soon as the last
unit in the development is sold. Once
all the money is gone, there is nothing
left for creditors or plaintiffs to seize.
That is why many condominium asso-
ciation plaintiffs forego pursuing CFA
claims and instead go after insurance
proceeds for property damage result-
ing from negligent construction.
Q
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