liability

In 1973, our lake association was developed as a non profit domestic corporation and included articles of incorporation and bylaws. Since that time all relative required state forms have been updated as required by the state. Since 1973, no membership meetings have every been held, no elections and no dues collected.and there is no liability insurance. The association owns seven properties that are 7 common areas (non water lots and on the water lots. These lots are shown in the association land plat. The lots are used for partys, boat launching, swimming and boating. My question is who is liable for the common areas??

If it is a CORPORATION- would not liability be limited to the assets of the corporation?

Fred I'm not an attorney but it is my understanding that if the corporation is not protecting itself with insurance then all members who own a share can be sued. The phrase is Jointly and Severally, meaning if one homeowner has deeper pockets than the other, they would bear the brunt of the judgement if any.

Is the corporation that was formed in 1973 and now has no officers or directors or member meetings still recognized by the state as a corporation?

Liability is not determined by the existence of insurance. Individual members of a non-profit corporation cannot be held liable for the acts or omissions of the corporation. Members can, however, be held liable for their own personal acts.

Personal injury attorneys usually look for a cash payout. Having no insurance and no cash assets makes the corporation almost judgment-proof. While the real estate owned by the association may have some monetary value, most attorneys do not want to go through the hassle of obtaining title and then liquidating the property.