TITLE 34
Property

CHAPTER 34-36
Condominium Ownership

SECTION 34-36-22


§ 34-36-22 Removal of property from application of chapter.

(a) All of the unit owners may remove a property from the provisions of this chapter by an instrument duly recorded to that effect, provided that the holders of all liens affecting any of the units consent or agree by instruments duly recorded, that their liens be transferred to the percentage of the undivided interest of the unit owner in the property.

(b) Upon removal of the property from the provisions of this chapter, the property shall be deemed to be owned in common by the unit owners. The undivided interest in the property owned in common which shall appertain to each unit owner shall be the percentage of undivided interest previously owned by such owner in the common areas and facilities.

History of Section.
(P.L. 1963, ch. 181, § 1.)