§ 81-314 — Surplus funds

Delaware § 81-314

• Jurisdiction: Delaware
• Title: 25
• Part: Common Interests and Ownership of Real Estate
• Ch. 81: DELAWARE UNIFORM COMMON INTEREST OWNERSHIP ACT
• Subch.: Management of the Common Interest Community

Text

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 annually to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments.

Legislative History

76 Del. Laws, c. 422, § 2 ; 77 Del. Laws, c. 91, § 82