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 must be paid to the units’ owners in proportion to their liabilities for common expenses or credited to them to reduce their future assessments for common expenses.

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Terms Used In Nevada Revised Statutes 116.3114

  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.