Declaration; apportionment of interest.

  1. Law
  2. New Mexico Statutes
  3. Property Law
  4. Building Unit Ownership
  5. Declaration; apportionment of interest.

Checkout our iOS App for a better way to browser and research.

The declaration shall specify a method by which the interest attributable to each unit shall be apportioned. The apportionment may be based upon:

A. the square or cubic footage in the unit as a percentage of the square or cubic footage in all of the units;

B. the value, as that term is defined in the declaration, of the unit as a percentage of the value of all of the units; or

C. the unit itself as a percentage of all of the units in the property. The percentage interest shall change if additional units are added after the filing of the declaration.

History: 1953 Comp., § 70-4-11.1, enacted by Laws 1975, ch. 318, § 12.

ANNOTATIONS

Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Condominiums and Cooperative Apartments § 33.

31 C.J.S. Estates § 153 et seq.


Download our app to see the most-to-date content.