Maryland Statutes relating to the reserve funds and budget:
| § 11-109.4. Reserve Studies |
| (a) In this section, “ reserve study” means a study of the reserves required for future major repairs and replacement of the common elements of a condominium that: |
| (1) Identifies each structural, mechanical, electrical, and plumbing component of the common elements and any other components that are the responsibility of the council of unit owners to repair and replace; |
| Notice they define a reserve study. They imply what a reserve account is to be for but they don’t define a reserve account. Nor do they define what a reserve expense is limited to. In fact they don’t specify that the funds in a “reserve account” must be spent on those things identified in the reserve study. They specify what goes into the account but not what comes out. |
| Common elements only are referenced as reserve funds. Not repair of private property as a result of a failure of a common element. |
Link to the actual statute
