§ 499B.16 — Disposition of property — destruction or damage

Iowa § 499B.16

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 499B: HORIZONTAL PROPERTY (CONDOMINIUMS)

Text

If within thirty days of the date of the damage or destruction to all or part of the property,
it is not determined by the council of co-owners to repair, reconstruct or rebuild, then and in
that event:
1. The property shall be deemed to be owned in common by the apartment owners;
2. The undivided interest in the property owned in common which shall appertain to each
apartment owner shall be the percentage of undivided interest previously owned by such
owner in the common areas and facilities;
3. Any liens affecting any of the apartments shall be deemed to be transferred in
§499B.16, HORIZONTAL PROPERTY (CONDOMINIUMS) 6
accordance with the existing priorities to the percentage of the undivided interest of the
apartment owner in the property as provided herein; and
4. The property shall be subject to an action for partition at the suit of any apartment
owner,inwhicheventthenetproceedsofsale,togetherwiththenetproceedsoftheinsurance
on the property, if any, shall be considered as one fund and shall be divided among all the
apartment 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
owners, to the extent sufficient for the purpose, all liens on the undivided interest in the
property owned by each apartment owner.

Legislative History

[C66, 71, 73, 75, 77, 79, 81, §499B.16]