448.150. Sale of property, authorized, how--dissenting owner entitled to interest, value of interest defined. - Missouri Statutes

Sale of property, authorized, how--dissenting owner entitled tointerest, value of interest defined.

448.150. Unless a greater percentage is provided for in thedeclaration or bylaws, and notwithstanding the provisions ofsections 448.130 and 448.140, a majority of the unit owners wherethe property contains two units, or not less than sixty-six andtwo-thirds percent where the property contains three units, andnot less than seventy-five percent where the property containsfour or more units may, by affirmative vote at a meeting of unitowners duly called for such purpose, elect to sell the property.Such action shall be binding upon all unit owners, and it shallthereupon become the duty of every unit owner to execute anddeliver such instruments and to perform all acts as in manner andform may be necessary to effect the sale. Any unit owner who didnot vote in favor of such action and who has filed writtenobjection thereto with the manager or board of managers withintwenty days after the date of the meeting at which such sale wasapproved shall be entitled to receive from the proceeds of suchsale an amount equivalent to the value of his interest, less theamount of any unpaid assessments or charges due and owing fromsuch unit owner. The "value of such interest", for the purposesof sections 448.005 to 448.210, shall be that percentage of thetotal value of the property determined by fair appraisal whichrepresents the ownership percentage of the common elementsallocated to the unit owned by such objecting owner.

(L. 1963 p. 648 § 15, A.L. 1983 H.B. 177)