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2020 Code of Alabama
Title 35 - Property.
Chapter 8A - Alabama Uniform Condominium Act.
Article 3 - Management of Condominiums.
Section 35-8A-314 - Surplus Funds.
Universal Citation: AL Code § 35-8A-314 (2020)
Section 35-8A-314
Surplus funds.
Unless otherwise provided in the declaration or bylaws, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves must be paid to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments, or held in reserve.
(Acts 1990, No. 90-551, p. 858, §3-114; Act 2018-403, §1.)
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