§ 35-8A-314 — Surplus Funds

Alabama § 35-8A-314

• Jurisdiction: Alabama
• Title 35: Property
• Ch. 8A: Alabama Uniform Condominium Act
• Art. 3: Management of Condominiums

Text

Unless otherwise provided in the declaration or bylaws, 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 unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments, or held in reserve.

Legislative History

(Acts 1990, No. 90-551, p. 858, §3-114; Act 2018-403, §1.)