Section 448.4-102 – Liability for public offering statement requirements.
Effective – 28 Aug 1983 448.4-102. Liability for public offering statement requirements. — 1. Except as provided in subsection 2 of this section, a declarant shall, prior to the offering of any interest in a unit to the public, prepare an original sale certificate conforming to the requirements of sections 448.4-103, 448.4-104, 448.4-105, and 448.4-106. […]
Section 448.4-103 – Original sale certificate, general provisions.
Effective – 28 Aug 1983 448.4-103. Original sale certificate, general provisions. — 1. An original sale certificate shall contain or fully and accurately disclose: (1) The name and principal address of the declarant and of the condominium; (2) A general description of the condominium, including, to the extent possible, the types, number, and declarant’s schedule […]
Section 448.4-104 – Original sale certificate, condominiums subject to development rights.
Effective – 28 Aug 1983 448.4-104. Original sale certificate, condominiums subject to development rights. — If the declaration provides that a condominium is subject to any development rights, the original sale certificate shall disclose, in addition to the information required by section 448.4-103: (1) The maximum number of units, and the maximum number of units […]
Section 448.4-105 – Original sale certificate, time-shares.
Effective – 28 Aug 1983 448.4-105. Original sale certificate, time-shares. — If the declaration provides that ownership or occupancy of any units is or may be in time-shares, the original sale certificate shall disclose, in addition to the information required by section 448.4-103: (1) The number and identity of units in which time-shares may be […]
Section 448.3-109 – Quorums.
Effective – 28 Aug 1983 448.3-109. Quorums. — 1. Unless the bylaws provide otherwise, a quorum is deemed 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 […]
Section 448.3-110 – Voting — proxies.
Effective – 28 Aug 1983 448.3-110. Voting — proxies. — 1. If only one of the multiple owners of a unit is present at a meeting of the association, he is entitled to cast all the votes allocated to that unit. If more than one of the multiple owners are present, the votes allocated to […]
Section 448.3-111 – Tort and contract liability.
Effective – 28 Aug 1983 448.3-111. Tort and contract liability. — Neither the association nor any unit owner except the declarant is liable for that declarant’s torts in connection with any part of the condominium which that declarant has the responsibility to maintain. Otherwise, an action alleging a wrong done by the association shall be […]
Section 448.3-112 – Conveyance or encumbrance of common elements.
Effective – 28 Aug 1983 448.3-112. Conveyance or encumbrance of common elements. — 1. Portions of the common elements may be conveyed or subjected to a security interest by the association if persons entitled to cast at least eighty percent of the votes in the association, including eighty percent of the votes allocated to units […]
Section 448.3-113 – Insurance.
Effective – 28 Aug 1983 448.3-113. Insurance. — 1. Commencing not later than the time of the first conveyance of a unit to a person other than a declarant, the association shall maintain, to the extent reasonably available: (1) Property insurance on the common elements, insuring against all risks of direct physical loss commonly insured […]
Section 448.3-114 – Surplus funds.
Effective – 28 Aug 1983 448.3-114. 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 liability or credited to them to reduce […]