Wisconsin Statutes 707.36 – Disposition of surplus funds
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Terms Used In Wisconsin Statutes 707.36
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: includes real and personal property. See Wisconsin Statutes 990.01
Unless otherwise provided in the time-share instrument, any surplus funds derived from the time-share owners or from property belonging to the time-share owners or their association and held by a managing entity, which are remaining after payment of or provision for time-share expenses and any prepayment of reserves, shall be paid to the time-share owners in proportion to their time-share liabilities, credited to the owners to reduce their future time-share liabilities or used for any other purpose as the association decides.