§ 517. Removal of property from provisions of act
Oklahoma Statutes AnnotatedTitle 60. Property
60 Okl.St.Ann. § 517
§ 517. Removal of property from provisions of act
The unit owners, by unanimous action, may remove a property from the provisions of this act by an instrument to that effect, duly recorded, provided that the holders of all liens affecting any of the units consent thereto or agree, in either case by instruments duly recorded, that their liens be transferred to an undivided interest in the property.
Upon removal of the property from the provisions of this act, the property shall be deemed to be owned in common by the unit owners. The undivided interest in the property owned in common which shall appertain to each unit owner shall be the percentage of undivided interest previously owned by such owner in the common elements and facilities.
Credits
Laws 1963, c. 288, § 17.
60 Okl. St. Ann. § 517, OK ST T. 60 § 517
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
| End of Document |