55-1520. PERSONAL PROPERTY ACQUIRED, HELD AND DISPOSED OF BY MANAGEMENT BODY — BENEFICIAL INTEREST PROPORTIONATE — TRANSFER. Unless otherwise provided for in a declaration recorded pursuant to section 55-1505, a management body may acquire and hold, for the benefit of the condominium owners, tangible and intangible personal property and may dispose of the same by sale or otherwise; the beneficial interest in such personal property shall be owned by the condominium owners in the same proportion as their respective interests in the common areas, and shall not be transferable by such owners except with a transfer of a condominium. A transfer of a condominium shall transfer to the transferee ownership of the transferor’s beneficial interest in such personal property.
History:
[55-1520, added 1965, ch. 225, sec. 20, p. 515.]
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