Indiana § 32-25-8-16 Removal of property

Indiana Statutes

§ 32-25-8-16 — Removal of property

Indiana·Title 32 PROPERTY·Art. 25 CONDOMINIUMS·Ch. 8 Administration of Condominiums

(a)All of the co-owners may remove a property from this article by a recorded removal instrument if the holders of all liens affecting any of the condominium units:

(1)consent in a recorded instrument to the removal; or

(2)agree in a recorded instrument that their liens be transferred to the percentage of the undivided interest of the condominium unit owner in the property as provided in this section.

(b)If it is determined under section 10 of this chapter that all of the buildings containing condominium units have been totally destroyed:

(1)the property is considered removed from this article; and

(2)an instrument reciting the removal under section 10 of this chapter shall be recorded and executed by the association of co-owners.

(c)At the time of recording under subsection (b)(2),

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(a) All of the co-owners may remove a
property from this article by a recorded removal instrument if the
holders of all liens affecting any of the condominium units:
(1) consent in a recorded instrument to the removal; or
(2) agree in a recorded instrument that their liens be transferred
to the percentage of the undivided interest of the condominium
unit owner in the property as provided in this section.
(b) If it is determined under section 10 of this chapter that all of the
buildings containing condominium units have been totally destroyed:
(1) the property is considered removed from this article; and
(2) an instrument reciting the removal under section 10 of this
chapter shall be recorded and executed by the association of
co-owners.
(c) At the time of recording under subsection (b)(2), the property is
removed from this article.
(d) Upon removal of the property from this article, the property is
considered to be owned in common by the condominium unit owners.
The undivided interest in the property owned in common that
appertains to each condominium unit owner is the percentage of
undivided interest previously owned by the owner in the common areas
and facilities.
(e) Under the circumstances described in subsection (a) or in
subsections (b) through (d), the property is subject to an action for
partition at the suit of any condominium unit owner, in which event the
net proceeds of sale, together with the net proceeds of the insurance on
the property, if any:
(1) are considered as one (1) fund; and
(2) are divided among all the condominium unit 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 condominium unit owners, to the extent sufficient
for the purpose, all liens on the undivided interest in the property
owned by each condominium unit owner.
(f) A removal under this section does not bar the subsequent
resubmission of the property to this article.
[Pre-2002 Recodification Citations: 32-1-6-28;
32-1-6-29.]