Section 47-7C-14 – Surplus funds.
Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves shall be paid to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments. History: Laws 1982, ch. […]
Section 47-7C-15 – Assessments for common expenses.
A. Until the association makes a common expense assessment, the declarant shall pay all common expenses. After any assessment has been made by the association, assessments shall be made at least annually, based on a budget adopted at least annually by the association. B. Except for assessments under Subsections C, D and E of this […]
Section 47-7C-16 – Lien for assessments.
A. The association has a lien on a unit for any assesssment [assessment] levied against that unit or fines imposed against its unit owner from the time the assessment or fine becomes due. The association’s lien may be foreclosed in like manner as a mortgage on real estate. Unless the declaration otherwise provides, fees, charges, […]
Section 47-7C-17 – Other liens affecting the condominium.
A. Except as provided in Subsection B of this section, a judgment for money against the association is not a lien on the common elements but is a lien in favor of the judgment lienholder against all of the units in the condominium at the time the transcript of judgment was recorded. No other property […]
Section 47-7C-18 – Association records.
The association shall keep financial records sufficiently detailed to enable the association to comply with Section 61 [47-7D-9 NMSA 1978] of the Condominium Act. All financial and other records shall be made reasonably available for examination by any unit owner and his authorized agents. History: Laws 1982, ch. 27, § 51. ANNOTATIONS Compiler’s notes. — […]
Section 47-7C-19 – Association as trustee.
With respect to a third person dealing with the association in the association’s capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whether the association has power to act as trustee or is properly exercising […]
Section 47-7C-6 – Bylaws.
A. The bylaws of the association shall provide for: (1) the number of members of the executive board and the titles of the officers of the association; (2) election by the executive board of a president, treasurer, secretary and any other officers of the association the bylaws specify; (3) the qualifications, powers and duties, terms […]
Section 47-7C-7 – Upkeep of condominium.
A. Except to the extent provided by the declaration, Subsection B of this section or Section 46 [47-7C-13 NMSA 1978] of the Condominium Act, the association is responsible for maintenance, repair and replacement of the common elements, and each unit owner is responsible for maintenance, repair and replacement of his unit. Each unit owner shall […]
Section 47-7C-8 – Meetings.
A meeting of the association shall be held at least once each year. Special meetings of the association may be called by the president, a majority of the executive board or by unit owners having twenty percent, or any lower percentage specified in the bylaws, of the votes in the association. Not less than ten […]
Section 47-7C-9 – Quorums.
A. Unless the bylaws provide otherwise, a quorum is present throughout any meeting of the association if persons entitled to cast twenty percent of the votes which may be cast for election of the executive board are present in person or by proxy at the beginning of the meeting. B. Unless the bylaws specify a […]