In any suit or arbitration against a condominium unit owners' association wherein damages are awarded or settlement is made, the individual unit owner's liability in his capacity as a percentage owner of the general or limited common elements or as a member of the condominium association shall not exceed the amount of damages or settlement multiplied by his percentage ownership in the general or limited common elements, as the case may be. In the case of incorporation by unit owners, their liability as stockholders shall be determined as any other corporate stockholder.
Source: L. 75: Entire section added, p. 1434, § 1, effective January 1, 1976.
Structure Colorado Code
Title 38 - Property - Real and Personal
Article 33 - Condominium Ownership Act
§ 38-33-102. Condominium Ownership Recognized
§ 38-33-104. Assessment of Condominium Ownership
§ 38-33-105. Recording of Declaration - Certain Rules and Laws to Apply
§ 38-33-105.5. Contents of Declaration
§ 38-33-106. Condominium Bylaws - Contents - Exemptions
§ 38-33-107. Records of Receipts and Expenditures - Availability for Examination
§ 38-33-108. Violations - Penalty
§ 38-33-109. Unit Owners' Liability
§ 38-33-110. Time-Sharing - Definitions
§ 38-33-111. Special Provisions Applicable to Time Share Ownership