§ 1326 - Disposition of property; destruction or damage - Vermont Statutes

§ 1326. Disposition of property; destruction or damage

If, within ninety days of the date of the damage or destruction to all or part of the property, it is not determined by the association of owners to repair, reconstruct or rebuild, then and in that event:

(1) The property shall be considered to be owned in common by the apartment or site owners;

(2) The undivided interest in the property owned in common which shall appertain to each apartment or site owner shall be the percentage of undivided interest previously owned by the owner in the common areas and facilities;

(3) Any liens affecting any of the apartments or sites shall be considered to be transferred in accordance with the existing priorities to the percentage of the undivided interest of the apartment or site owner in the property as provided herein; and

(4) The property shall be subject to an action for partition at the suit of any apartment or site owner, in which event the net proceeds of a sale, together with the net proceeds of the insurance on the property, if any, shall be considered as one fund and shall be divided among all the apartment or site owners in a percentage equal to the percentage of undivided interest owned by each owner in the property, after first paying out of the respective shares of the apartment or site owners, to the extent sufficient for the purpose, all liens on the undivided interest in the property owned by each apartment or site owner. (1967, No. 288 (Adj. Sess.), § 26, eff. Jan. 23, 1968; amended 1993, No. 97, § 2.)