448.140. Insurance proceeds insufficient to reconstruct, effect. - Missouri Statutes

Insurance proceeds insufficient to reconstruct, effect.

448.140. In case of fire or other disaster, if the insuranceproceeds are insufficient to reconstruct the building and theunit owners and all other parties in interest do not voluntarilymake provision for reconstruction of the building within onehundred and eighty days from the date of damage or destruction,the board of managers may record a notice setting forth suchfacts and upon the recording of such notice:

(1) The property shall be deemed to be owned in common bythe unit owners;

(2) The undivided interest in the property owned in commonwhich shall appertain to each unit owner shall be the percentageof undivided interest previously owned by such owner in thecommon elements;

(3) Any liens affecting any of the units shall be deemed tobe transferred in accordance with the existing priorities to theundivided interest of the unit owner in the property as providedherein; and

(4) The property shall be subject to an action for partitionat the suit of any unit owner, in which event the net proceeds ofsale, together with the net proceeds of the insurance on theproperty, if any, shall be considered as one fund and shall bedivided among all the unit owners in a percentage equal to thepercentage of undivided interest owned by each owner in theproperty, after first paying out of the respective shares of theunit owners, to the extent sufficient for the purpose, all lienson the undivided interest in the property owned by each unitowner.

(L. 1963 p. 648 § 14)