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N.Y. Real Property Law 339-T - Withdrawal from provisions of this article

New York Laws > Real Property > Article 9-B > § 339-T - Withdrawal from provisions of this article

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2008 version

§ 339-t. Withdrawal from provisions of this article. If withdrawal of the property from this article is authorized by at least eighty per cent in number and in common interest of the units, or by at least such larger percentage either in number or in common interest, or in both number and common interest, as may be specified in the by-laws, then the property shall be subject to an action for partition by any unit owner or lienor as if owned in common, in which event the net proceeds of sale shall be divided among all the unit owners in proportion to their respective common interests, provided, however, that no payment shall be made to a unit owner until there has first been paid off out of his share of such net proceeds all liens on his unit. Such withdrawal of the property from this article shall not bar its subsequent submission to the provisions of this article in accordance with the terms of this article.