Maine Revised Statutes Title 33 Sec. 583 – Insurance
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Terms Used In Maine Revised Statutes Title 33 Sec. 583
- Association of unit owners: means all of the unit owners acting as a group in accordance with the bylaws and declaration. See Maine Revised Statutes Title 33 Sec. 561
- Building: means a building or buildings containing one or more units and comprising a part of the property, and designated with a name. See Maine Revised Statutes Title 33 Sec. 561
- Common expenses: means and includes:
A. See Maine Revised Statutes Title 33 Sec. 561Declaration: means the instrument by which the property is recorded, in the manner provided for the recording of deeds. See Maine Revised Statutes Title 33 Sec. 561 Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72 Property: means and includes the land, the building, all improvements and structures thereon, all owned in fee simple absolute, or leased as provided in section 579 and all easements, rights and appurtenances belonging thereto, which have been or are intended to be submitted to the provisions of this chapter. See Maine Revised Statutes Title 33 Sec. 561 Trustee: A person or institution holding and administering property in trust. Unit: means a part of the property including one or more rooms or enclosed spaces located on one or more floors or a part or parts thereof in a building, intended for any type of independent use, and with a direct exit to a public street or highway or to a common area leading to such street or highway. See Maine Revised Statutes Title 33 Sec. 561 Unit owner: means the person or persons owning a unit in fee simple absolute, or leasing a unit as provided, and an undivided interest in the fee simple, or leased estate, of the common areas and facilities in the percentage specified and established in the declaration. See Maine Revised Statutes Title 33 Sec. 561
The manager or board of directors shall, to the extent required by the declaration, bylaws or direction of a majority of the unit owners, insure the building against loss or damage by fire and other hazards, without prejudice to the right of each unit owner to insure his own unit for his own benefit. Such insurance coverage shall be written on the property in the name of such manager or the board of directors of the association of unit owners, as trustee for each of the unit owners in the percentages established in the declaration. Premiums shall be common expenses. [PL 1965, c. 357 (NEW).]
SECTION HISTORY
PL 1965, c. 357 (NEW).