Ark. Code Ann. § 18-13-119

Sharing of Reconstruction Costs When Building Not Insured or Indemnity Insufficient

No plain-English summary yet for this section. Read the statutory text below or open the official source.

Statutory text

(a) When the building is not insured or when the insurance indemnity is insufficient to cover the cost of reconstruction, the new building costs shall be paid by all the co-owners directly affected by the damage in proportion to the value of their respective apartments, or as may be provided by the bylaws. (b) If any one

or more of those composing the minority shall refuse to make such payment, the majority may proceed with the reconstruction at the expense of all the co-owners benefited thereby, upon proper resolution setting forth the circumstances of the case and the cost of the works, with the intervention of the council of co-owners. (c) The provisions of this section may be changed by unanimous resolution of the parties concerned adopted subsequent to the date on which the fire or other disaster occurred.

Synced from the Florida Legislature’s official site. Verify the current version before citing.

Does your association comply?

Run your governing documents through the compliance scan. It checks them against the rules that apply in your state.

Run the compliance scan

Put this statute to work

Free tools for Arkansas boards and owners. No account needed.

Governing Document AnalyzerUpload your CC&Rs, declaration, or bylaws for an instant scan of clauses your state statute or federal law may have already overridden.

Free account

A free account adds bookmarks, PDF export, uploaded governing documents, and side-by-side search with Florida statutes.

Bookmark statute sections you cite in meetings
Upload CC&Rs and bylaws with the same section finder
Ask questions in the Common Area forum

Common Elements is the platform for the community association industry, centered on the associations themselves: the record of each association, the people and professionals who live in, run, manage, and serve them, and the tools, data, and education they use to work together. It complements the management and accounting software you already use; it does not replace it.

Sharing of Reconstruction Costs When Building Not Insured or Indemnity Insufficient

Statutory text

Does your association comply?

Put this statute to work

Community discussion

Watch this statute

Your governing documents

More Arkansas statutes

Statutory text

Does your association comply?

Put this statute to work

Save your place and go deeper

Community discussion

Watch this statute

Your governing documents

More Arkansas statutes