57-8-22 - Removal of property from statutory provisions. - Utah Statutes

57-8-22. Removal of property from statutory provisions.
(1) All of the unit owners may remove a property from the provisions of this act by aninstrument duly recorded to that effect, provided that the holders of all liens affecting any of theunits consent or agree by instruments duly recorded, that their liens be transferred to thepercentage of the undivided interest of the unit owner in the property.
(2) Upon removal of the property from the provisions of this act, the property shall bedeemed to be owned in common by the unit owners. The undivided interest in the property ownedin common which shall appertain to each unit owner shall be the percentage of undivided interestpreviously owned by such owner in the common areas and facilities.

Enacted by Chapter 111, 1963 General Session