55-488 - Express warranties of quality.
§ 55-488. Express warranties of quality.
A. Express warranties made by any seller to a purchaser of a cooperativeinterest, if relied upon by the purchaser, are created as follows:
1. Any affirmation of fact or promise which relates to the unit, its use orrights appurtenant thereto, area improvements to the cooperative that woulddirectly benefit the unit or the right to use or have the benefit offacilities not located in the cooperative, creates an express warranty thatthe unit and related rights and uses will conform to the affirmation orpromise;
2. Any model or description of the physical characteristics of thecooperative, including plans and specifications of or for improvements,creates an express warranty that the cooperative will conform to the model ordescription;
3. Any description of the quantity or extent of the real estate comprisingthe cooperative, including plats or surveys, creates an express warranty thatthe cooperative will conform to the description, subject to customarytolerances; and
4. A provision that a buyer of a cooperative interest may put a unit which ispart of that cooperative interest only to a specified use is an expresswarranty that the specified use is lawful.
B. Neither formal words, such as "warranty" or "guarantee," nor aspecific intention to make a warranty is necessary to create an expresswarranty of quality, but a statement purporting to be merely an opinion orcommendation of the real estate or its value does not create a warranty.
C. Any conveyance of a cooperative interest transfers to the purchaser allexpress warranties of quality made by previous sellers.
(1982, c. 277.)