How the Soldiers' and Sailors' Act will Impact Your Collections
During this time of tragedy and uncertainty, it is likely that many Americans will be called to serve and protect the United States. The safety and well being of our servicemen and women is, of course, of highest concern. However, board members continue to be responsible for assessment collections in their community. Therefore, it is important that board members, managers and accounting staff understand the impact that this call for duty might have on collection of assessments. The Soldiers' and Sailors' Civil Relief Act of 1940 provides some important limitations on creditors' collection rights with respect to owners serving in the military. A summary of the Act follows:
