55-79.9 - Regrouping or merger of estates with principal property. - Virginia Statutes

§ 55-79.9. Regrouping or merger of estates with principal property.

All of the co-owners or such lesser percentage as may be authorized in themaster deed, or the sole owner of a building or buildings constituted into ahorizontal property regime may by deed waive this regime and regroup, amendthe master deed, or merge the records of the filial estates with theprincipal property, provided, that the filial estates are unencumbered, or ifencumbered, that the creditors in whose behalf the encumbrances are recordedaccept as security the undivided portions of the property owned by thedebtors.

(1962, c. 627, § 9; 1966, c. 683; 1973, c. 374.)