Section 47-7-26 – Actions.
Without limiting the rights of any unit owner, actions may be brought by the manager or board of directors, in either case in the discretion of the board of directors, on behalf of two or more of the unit owners, as their respective interests may appear, with respect to any claim relating to the common […]
Section 47-7-27 – Personal application.
A. All unit owners, tenants of owners, employees of owners and tenants, or any other persons that may in any manner use property or any part thereof submitted to the provisions of the Building Unit Ownership Act shall be subject to the act and to the declaration and bylaws of the association of unit owners […]
Section 47-7-28 – Insurance.
A. The manager or the board of directors if required by the declaration, bylaws or by a majority of the unit owners shall insure the property against the risks and under the terms required. The insurance coverage shall be written in the name of the manager, board of directors or the association of unit owners […]
Section 47-7-24 – Priority of lien.
A. All sums, assessed by the association of unit owners but unpaid, for the share of the common expenses chargeable to any unit shall constitute a lien on the unit prior to all other liens except: (1) tax liens on the unit in favor of any assessing unit and special district; and (2) all sums […]
Section 47-7-25 – Joint and several liability of grantor and grantee for unpaid common expenses.
In a voluntary conveyance the grantee of a unit shall be jointly and severally liable with the grantor for all unpaid assessments against the grantor for his share of the common expenses to the time of grant or conveyance, without prejudice to the grantee’s right to recover from the grantor the amounts paid by the […]
Section 47-7-25.1 – Merger or consolidation of condominiums.
A. By agreement of the unit owners, any two or more condominiums may be merged or consolidated into a single condominium. Unless the agreement provides otherwise, the combined condominium is, for all purposes, the legal successor to the preexisting condominiums. The associations of the preexisting condominiums shall also be merged or consolidated into a single […]
Section 47-7-17 – Removal from provisions of the Building Unit Ownership Act.
A. All unit owners may remove a property from the provisions of the Building Unit Ownership Act by an instrument to that effect, duly recorded; provided that the holders of liens affecting any unit shall consent or agree by instrument duly recorded, provided that their liens be transferred to the percentage of the undivided interest […]
Section 47-7-18 – Removal no bar to subsequent resubmission.
The removal provided in Section 47-7-17 NMSA 1978 shall not bar the subsequent resubmission of the property to the provisions of the Building Unit Ownership Act. History: 1953 Comp., § 70-4-17, enacted by Laws 1963, ch. 221, § 17; 1975, ch. 318, § 18. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. […]
Section 47-7-19 – Bylaws.
The administration of every property shall be governed by bylaws, a true copy of which shall be annexed to the declaration and shall be a part thereof. No modification of or amendment to the bylaws shall be valid unless set forth in an amendment to the declaration and the amendment be duly recorded. History: 1953 […]
Section 47-7-20 – Contents of bylaws.
The bylaws may provide for: A. the election from among the unit owners of a board of directors, the number of persons constituting the board, and that the terms of at least one-third of the directors shall expire annually; the powers and duties of the board; the compensation of the directors; and the authority of […]