2013 Kentucky Revised Statutes CHAPTER 381 - TITLE TO PROPERTY AND RESTRICTIONS ON USE, OWNERSHIP, AND ALIENATION 381.9163 Merger or consolidation of condominiums.
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381.9163 Merger or consolidation of condominiums.
(1)
(2)
(3)
Any two (2) or more condominiums by agreement of the unit owners as
provided in subsection (2) of this section, may be merged or consolidated into
a single condominium. In the event of a merger or consolidation, unless the
agreement otherwise provides, the resultant condominium is, for all purposes,
the legal successor of all of the pre-existing condominiums and the operations
and activities of all associations of the pre-existing condominiums shall be
merged or consolidated into a single association which shall hold all powers,
rights, obligations, assets, and liabilities of all pre-existing associations.
In addition to any other requirements of the declaration, the merger or
consolidation of two (2) or more condominiums pursuant to subsection (1) of
this section shall be evidenced by a recorded agreement duly executed by the
president of the association of each of the pre-existing condominiums following
approval by owners of units to which are allocated the percentage of votes in
each condominium required to terminate that condominium. Any such
agreement shall be recorded in every county in which a portion of the
condominium is located and is not effective until recorded.
Every merger or consolidation agreement shall provide for the reallocation of
the allocated interests in the new association among the units of the resultant
condominium either:
(a) By stating the reallocations or the formulas upon which they are based; or
(b) By stating the percentage of overall allocated interests of the new
condominium which are allocated to all of the units comprising each of the
pre-existing condominiums, and providing that the portion of the
percentages allocated to each unit formerly comprising a part of the
pre-existing condominium shall be equal to the percentages of allocated
interests allocated to that unit by the declaration of the pre-existing
condominium.
Effective:January 1, 2011
History: Created 2010 Ky. Acts ch. 97, sec. 32, effective January 1, 2011.
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