First conveyance; satisfaction of liens
Sec. 1. (a) At the time of the first conveyance of each
condominium unit:
(1) every mortgage and other lien affecting the condominium
unit, including the unit's percentage of undivided interest in the
common areas and facilities, must be paid and satisfied of
record; or
(2) the condominium unit being conveyed and the unit's
percentage of undivided interest in the common areas and
facilities must be released from the mortgage or other lien by
partial release.
(b) A partial release under subsection (a)(2) must be recorded.
As added by P.L.2-2002, SEC.10.
Last modified: May 24, 2006