Section 27 – Separate taxation.
Effective 5/10/2016 57-8-27. Separate taxation. (1) Each unit and its percentage of undivided interest in the common or community areas and facilities shall be considered to be a parcel and shall be subject to separate assessment and taxation by each assessing unit, local district, and special service district for all types of taxes authorized by […]
Section 28 – Exemption from rules of property.
57-8-28. Exemption from rules of property. The rule of property known as the rule against perpetuities and the rule of property known as the rule restricting unreasonable restraints on alienation shall not be applied to defeat any of the provisions of this act, or of any declaration, bylaws or other document executed in accordance with […]
Section 30 – Application of insurance proceeds to reconstruction.
57-8-30. Application of insurance proceeds to reconstruction. In case of fire or any other disaster, the insurance proceeds, if sufficient to reconstruct the building, shall be applied to such reconstruction. Reconstruction of the building, as used in this section and Section 57-8-31, means restoring the building to substantially the same condition in which it existed […]
Section 31 – Disposition of property where insurance proceeds are insufficient for reconstruction.
57-8-31. Disposition of property where insurance proceeds are insufficient for reconstruction. Unless otherwise provided in the declaration or bylaws, if the insurance proceeds are insufficient to reconstruct the building, damage to or destruction of the building shall be promptly repaired and restored by the manager or management committee, using proceeds of insurance, if any, on […]
Section 32 – Sale of property.
Effective 5/9/2017 57-8-32. Sale of property. (1) Unless otherwise provided in the declaration or bylaws, and notwithstanding the provisions of Sections 57-8-30 and 57-8-31, the unit owners may, at a meeting of unit owners called for the purpose of voting, by an affirmative vote of at least 67% of unit owners, elect to sell or […]
Section 32.5 – Property taken by eminent domain — Allocation of award — Reallocation of interests.
57-8-32.5. Property taken by eminent domain — Allocation of award — Reallocation of interests. (1) If any portion of the common areas and facilities is taken by eminent domain, the award for it shall be allocated to the unit owners in proportion to their respective undivided interests in the common areas and facilities. (2) If […]
Section 33 – Actions.
57-8-33. Actions. Without limiting the rights of any unit owner, actions may be brought by the manager or management committee, in either case in the discretion of the management committee, on behalf of two or more of the unit owners, as their respective interest may appear, with respect to any cause of action relating to […]
Section 18 – Blanket mortgages and other blanket liens affecting unit at time of first conveyance.
57-8-18. Blanket mortgages and other blanket liens affecting unit at time of first conveyance. At the time of the first conveyance of each unit, every mortgage and other lien affecting such unit, including the percentage of undivided interest of the unit in the common areas and facilities, shall have been paid and satisfied of record, […]
Section 19 – Liens against units — Removal from lien — Effect of part payment.
57-8-19. Liens against units — Removal from lien — Effect of part payment. (1) Subsequent to recording the declaration as provided in this act, and while the property remains subject to this act, no lien shall thereafter arise or be effective against the property. During such period liens or encumbrances shall arise or be created […]
Section 21 – Acquisition through tax deed or foreclosure of liens.
57-8-21. Acquisition through tax deed or foreclosure of liens. In the event any person shall acquire, through foreclosure, exercise of power of sale, or other enforcement of any lien, or by tax deed, the interest of any unit owner, the interest acquired shall be subject to all the provisions of this act and to the […]