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the Vermont Statutes
2012 Vermont Statutes
Title 27A Uniform Common Interest Ownership Act (1994)
Chapter 3 MANAGEMENT OF THE COMMON INTEREST COMMUNITY
§ 114 Surplus funds
Universal Citation:
27A V.S.A. § 3-114.
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§ 3-114. Surplus funds
Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves shall be paid annually to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 33, eff. Jan. 1, 2012.)
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