58-3126. Disposition of property; destruction or damage.
58-3126
58-3126. Disposition of property; destruction or damage.If, within one hundred twenty (120) days of the date of the damage ordestruction to all or part of the property, it is not determined by theassociation of apartment owners to repair, reconstruct or rebuild, then andin that event:
(a) The property shall be deemed to be owned in common by the apartmentowners;
(b) The undivided interest in the property owned in common which shallappertain to each apartment owner shall be the percentage of undividedinterest previously owned by such owner in the common areas and facilities;
(c) Any liens affecting any of the apartments shall be deemed to betransferred in accordance with the existing priorities to the percentage ofthe undivided interest of the apartment owner in the property as providedherein; and
(d) The property shall be subject to an action for partition at the suitof any apartment owner, in which event the net proceeds of sale togetherwith the net proceeds of the insurance on the property, if any, shall beconsidered as one fund and shall be divided among all the apartment ownersin a percentage equal to the percentage of undivided interest owned by eachowner in the property, after first paying out of the respective shares ofthe apartment owners, to the extent sufficient for the purpose, all lienson the undivided interest in the property owned by each apartment owner.
History: L. 1963, ch. 329, § 26; July 1.