Vermont Statutes Title 27 Sec. 3-114
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Vermont Statutes Title 27 Sec. 3-114
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
§ 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.)