Nevada § 116B.395 Respective interests of units’ owners following termination

Nevada Statutes

§ 116B.395 — Respective interests of units’ owners following termination

Nevada § 116B.395

Title 10PROPERTY RIGHTS AND TRANSACTIONS

Ch. 116BCondominium

CREATION, ALTERATION AND TERMINATION OF CONDOMINIUM HOTELS

This text of Nevada § 116B.395 (Respective interests of units’ owners following termination) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 116B.395 (2026).

Text

The respective interests of units’ owners referred to in NRS 116B.385 and 116B.390 are as follows:

1.Except as otherwise provided in subsection 2, the respective interests of units’ owners are the fair market values of their units, allocated interests and any limited common elements immediately before the termination, as determined by one or more independent appraisers selected by the hotel unit owner and the association. The decision of the independent appraisers must be distributed to the units’ owners and becomes final unless disapproved within 30 days after distribution by units’ owners to whom 25 percent of the total number of votes in the association are allocated. The proportion of interest of any unit’s owner to that of all units’ owners is determined by dividing the fair market v

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The respective interests of units’ owners referred to in NRS 116B.385 and 116B.390 are as follows:
1. Except as otherwise provided in subsection 2, the respective interests of units’ owners are the fair market values of their units, allocated interests and any limited common elements immediately before the termination, as determined by one or more independent appraisers selected by the hotel unit owner and the association. The decision of the independent appraisers must be distributed to the units’ owners and becomes final unless disapproved within 30 days after distribution by units’ owners to whom 25 percent of the total number of votes in the association are allocated. The proportion of interest of any unit’s owner to that of all units’ owners is determined by dividing the fair market value of that unit and its allocated interests by the total fair market values of all the units and their allocated interests.
2. If any unit or any limited common element is destroyed to the extent that an appraisal of the fair market value thereto before destruction cannot be made, the interests of all units’ owners are their respective interests in the common elements immediately before the termination.