§ 703.275 — Merger or consolidation of condominiums.

Wisconsin § 703.275

• Jurisdiction: Wisconsin
• Ch. 703: Condominiums

Text

703.275
703.275(1c) (1c) Definitions. In this section:
703.275(1c)(a) (a) “Preexisting condominium” means a condominium that existed before a merger or consolidation under this section.
703.275(1c)(b) (b) “Restatement of the declaration of a resultant condominium” means an amendment to the declaration of the preexisting condominium that bears the same name as the resultant condominium that complies with s. 703.09 .
703.275(1c)(c) (c) “Resultant condominium” means a condominium that results from a merger or consolidation under this section.
703.275(1c)(d) (d) “Resultant condominium plat” means an addendum to the plat of the preexisting condominium that bears the same name as the resultant condominium that complies with s. 703.11 .
703.275(1m) (1m) Agreement; legal effect.
703.275(1m)(a) (a) Any 2 or more condominiums, including 2 or more small condominiums or any combination of small condominiums and other condominiums, by agreement of the unit owners as provided in this section, may be merged or consolidated into a single condominium. Unless the agreement otherwise provides, the resultant condominium is, for all purposes, the legal successor of all of the preexisting condominiums and the operations and activities of all associations of the preexisting condominiums shall be merged or consolidated into a single association which shall hold all powers, rights, obligations, assets and liabilities of the preexisting associations. The resultant condominium shall bear the name of one of the preexisting condominiums.
703.275(1m)(b) (b)
703.275(1m)(b)1. 1. Except as otherwise provided in this section, a resultant condominium may be created only by recording all of the following, as provided under s. 703.07 :
703.275(1m)(b)2. 2.
703.275(2) (2) Reallocation of interests.
703.275(2)(ac) (ac) In this subsection, “allocated interests” means the undivided percentage interest in the common elements, the liability for common expenses, and the number of votes at meetings of the association appurtenant to each unit.
703.275(2)(bc) (bc) The merger or consolidation agreement shall provide for the reallocation of the allocated interests among the units of the resultant condominium. The agreement may not change the ratio that exists before the merger or consolidation between the allocated interests of any unit and the allocated interests of any other unit in the same preexisting condominium. The agreement shall state one of the following:
703.275(2)(bc)1. 1. The reallocations or the formulas upon which they are based.
703.275(2)(bc)2. 2. The percentage of the total of allocated interests of the new condominium which are allocated to all of the units comprising each of the preexisting condominiums.
703.275(3) (3) Agreement; other provisions. The merger or consolidation agreement may contain any provisions consistent with this chapter in addition to those specified in sub. (2) .
703.275(4) (4) Votes. The merger or consolidation agreement is effective if the agreement is approved by the unit owners of units to which at least 75 percent of the votes in each preexisting association are allocated. If the declaration of a preexisting association specifies that a percentage greater than 75 percent of the votes in that association is required to approve a merger or consolidation agreement, the greater percentage applies to the vote of that association. A declaration of a preexisting association may specify a smaller percentage and the smaller percentage applies to the vote of that association only if all of the units in the preexisting condominium are restricted exclusively to nonresidential uses.
[Note: 703.275 Note NOTE: 2003 Wis. Act 283 , which affected this section, contains extensive explanatory notes.]

Legislative History

703.275 History History: 1985 a. 188 ; 1997 a. 333 ; 2003 a. 283 ; 2017 a. 102 ; 2021 a. 168 .