Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of or provision for reserves shall be paid to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments.
Source: L. 91: Entire article added, p. 1752, § 1, effective July 1, 1992. L. 93: Entire section amended, p. 652, § 19, effective April 30.
Structure Colorado Code
Title 38 - Property - Real and Personal
Article 33.3 - Colorado Common Interest Ownership Act
Part 3 - Management of the Common Interest Community
§ 38-33.3-301. Organization of Unit Owners' Association
§ 38-33.3-302. Powers of Unit Owners' Association
§ 38-33.3-304. Transfer of Special Declarant Rights
§ 38-33.3-305. Termination of Contracts and Leases of Declarant
§ 38-33.3-307. Upkeep of the Common Interest Community
§ 38-33.3-310. Voting - Proxies
§ 38-33.3-310.5. Executive Board - Conflicts of Interest - Definitions
§ 38-33.3-311. Tort and Contract Liability
§ 38-33.3-312. Conveyance or Encumbrance of Common Elements
§ 38-33.3-315. Assessments for Common Expenses
§ 38-33.3-316. Lien for Assessments
§ 38-33.3-316.3. Collections - Limitations
§ 38-33.3-316.5. Time Share Estate - Foreclosure - Definitions
§ 38-33.3-317. Association Records - Rules - Applicability