Find Laws Find Lawyers Free Legal Forms USA State Laws

NEW JERSEY STATUTES AND CODES

46:8A-24 - Application of insurance proceeds to reconstruction;  pro rata distribution in certain cases;  rules governing reconstruction

46:8A-24.  Application of insurance proceeds to reconstruction;  pro rata distribution in certain cases;  rules governing reconstruction
    In case of fire or any other disaster the insurance indemnity shall, except  as provided in the next succeeding paragraph of this section, be applied to  reconstruct the building.

    Reconstruction shall not be compulsory where it comprises the whole or more  than   2/3   of the building.  In such case, and unless otherwise unanimously  agreed upon by the co-owners, the indemnity shall be delivered pro rata to the  co-owners entitled to it in accordance with provision made in the by-laws or in  accordance with a decision of   3/4   of the co-owners if there is no by-law  provision.

    Should it be proper to proceed with the reconstruction, the provisions for such eventuality made in the by-laws shall be observed, or in lieu thereof, the  decision of the council of co-owners shall prevail.

     L.1963, c. 168, s. 24.
 

New Jersey Forms by Issue

New Jersey Court Forms
> Civil (County)
New Jersey Family Forms
New Jersey Tax Forms

New Jersey Law

New Jersey State Laws
    > New Jersey Child Support
    > New Jersey Statutes
New Jersey Tax
    > New Jersey State Tax
New Jersey Labor Laws
    > New Jersey Unemployment
New Jersey Agencies
    > New Jersey Department of Corrections
    > New Jersey Department of Education
    > New Jersey DMV
    > New Jersey State Police

New Jersey Court Map

Tips