Vermont Statutes Title 27 Sec. 1326
Terms Used In Vermont Statutes Title 27 Sec. 1326
- Apartment: means a part of the property intended for any type of independent use, including commercial uses. See
- Association of owners: means all of the apartment or site owners acting as a group in accordance with the bylaws and declaration. See
- Property: includes the land, the building or site and all improvements and structures thereon all owned in fee simple absolute or any other estate in real property recognized by law and all easements, rights, and appurtenances thereto, and all articles of personal property intended for use in connection therewith, which have been or are intended to be made subject to this chapter. See
- Site: means the spatial location occupied or to be occupied by a mobile home, including all utilities and amenities appurtenant to the location such as piping, wiring, plants, platforms or supports, lights, walls, and other improvements but not including the land on which the site is located. See
§ 1326. Disposition of property; destruction or damage
If, within 90 days after the date of the damage or destruction to all or part of the property, it is not determined by the association of owners to repair, reconstruct, or rebuild, then and in that event:
(1) the property shall be considered to be owned in common by the apartment or site owners;
(2) the undivided interest in the property owned in common which shall appertain to each apartment or site owner shall be the percentage of undivided interest previously owned by the owner in the common areas and facilities;
(3) any liens affecting any of the apartments or sites shall be considered to be transferred in accordance with the existing priorities to the percentage of the undivided interest of the apartment or site owner in the property as provided in this section; and
(4) the property shall be subject to an action for partition at the suit of any apartment or site owner, in which event the net proceeds of a sale, together with the net proceeds of the insurance on the property, if any, shall be considered as one fund and shall be divided among all the apartment or site 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 apartment or site owners, to the extent sufficient for the purpose, all liens on the undivided interest in the property owned by each apartment or site owner. (Added 1967, No. 288 (Adj. Sess.), § 26, eff. Jan. 23, 1968; amended 1993, No. 97, § 2; 2023, No. 6, § 367, eff. July 1, 2023.)