Determination not to rebuild after casualty or disaster
Sec. 12. The following apply if, under section 10 of this chapter,
it is not determined by the co-owners to rebuild after a casualty or
disaster has occurred:
(1) The property is considered to be owned in common by the
condominium unit owners.
(2) The undivided interest in the property owned in common
that appertains to each condominium unit owner is the
percentage of undivided interest previously owned by the owner
in the common areas and facilities.
(3) Any liens affecting any of the condominium units are
considered to be transferred in accordance with the existing
priorities to the percentage of the undivided interest of the
condominium unit owner in the property.
(4) The property is subject to an action for partition at the suit
of any condominium unit owner, in which event the net
proceeds of sale, together with the net proceeds of the insurance
on the property, if any:
(A) are considered as one (1) fund; and
(B) are divided among all the condominium unit owners in
a percentage equal to the percentage of undivided interest
owned by each owner in the property, after first paying out
of the respective shares of the condominium unit owners, to
the extent sufficient for the purpose, all liens on the
undivided interest in the property owned by each
condominium unit owner.
As added by P.L.2-2002, SEC.10.
Last modified: May 24, 2006