A. The manager or the board of directors if required by the declaration, bylaws or by a majority of the unit owners shall insure the property against the risks and under the terms required. The insurance coverage shall be written in the name of the manager, board of directors or the association of unit owners as trustees for each unit owner in the percentage established in the declaration. Insurance premiums shall be common expenses. The requirement of common insurance coverage shall not prejudice the right of each unit owner to insure separately his own unit.
B. In the case of fire or other disaster, the insurance indemnity shall be applied to reconstruct the building unless the damage comprises more than two-thirds of the building, in which case the indemnity may be delivered pro rata to the co-owners in accordance with the decision of three-fourths of the co-owners.
History: 1953 Comp., § 70-4-27, enacted by Laws 1963, ch. 221, § 27; 1975, ch. 318, § 28.
Severability. — Laws 1975, ch. 318, § 29, provided for the severability of the act if any part or application was held invalid.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Condominiums and Cooperative Apartments §§ 5, 29, 30, 44, 54, 55.
31 C.J.S. Estates § 153 et seq.
Structure 2021 New Mexico Statutes
Article 7 - Building Unit Ownership
Section 47-7-3 - Application of act.
Section 47-7-4 - Status of the units.
Section 47-7-5 - Ownership of units.
Section 47-7-6 - Common areas and facilities.
Section 47-7-7 - Compliance with covenants; bylaws; administrative provisions.
Section 47-7-8 - Certain work prohibited.
Section 47-7-9 - Liens against units; removal from lien; effect of part payment.
Section 47-7-10 - Common profits and expenses.
Section 47-7-11 - Contents of declaration.
Section 47-7-12 - Declaration; apportionment of interest.
Section 47-7-13 - Contents of deeds of units.
Section 47-7-14 - Copy of the floor plans to be filed.
Section 47-7-15 - Blanket encumbrances affecting a unit at time of first conveyance.
Section 47-7-17 - Removal from provisions of the Building Unit Ownership Act.
Section 47-7-18 - Removal no bar to subsequent resubmission.
Section 47-7-20 - Contents of bylaws.
Section 47-7-21 - Books of receipts and expenditures; availability for examination.
Section 47-7-22 - Waiver of use of common areas and facilities; abandonment of unit.
Section 47-7-24 - Priority of lien.
Section 47-7-25 - Joint and several liability of grantor and grantee for unpaid common expenses.
Section 47-7-25.1 - Merger or consolidation of condominiums.