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35-8A-313
Section 35-8A-313 Insurance. (a) Commencing not later than the time of the first conveyance
of a unit to a person other than a declarant, the association shall maintain, to the extent
reasonably available: (1) Property insurance on the common elements insuring against all risks
of direct physical loss commonly insured against or, in the case of a conversion building,
against fire and extended coverage perils. The total amount of insurance after application
of any deductibles shall be not less than the greater of 80 percent of the actual cash value
of the insured property at the time the insurance is purchased or such greater percentage
of such actual cash value as may be necessary to prevent the applicability of any co-insurance
provision and at each renewal date, exclusive of land, excavations, foundations, and other
items normally excluded from property policies; and (2) Liability insurance, including medical
payments insurance, in an amount determined by the board but not less than...
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35-8A-215
Section 35-8A-215 Use for sales purposes. A declarant may maintain sales offices, management
offices, and models in units or on common elements in the condominium only if the declaration
so provides and specifies the rights of a declarant with regard to the number, size, location,
and relocation thereof. Any sales office, management office, or model not designated a unit
by the declaration is a common element, and if a declarant ceases to be a unit owner, he or
she ceases to have any rights with regard thereto unless it is removed promptly from the condominium
in accordance with a right to remove reserved in the declaration. Subject to any limitations
in the declaration, a declarant may maintain signs on the common elements advertising the
condominium. The provisions of this section are subject to the provisions of other state law,
and to local ordinances. (Acts 1990, No. 90-551, p. 858, §2-115; Act 2018-403, §1.)...
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35-8-13
Section 35-8-13 Common expenses and limited common expenses. The common expenses and limited
common expenses shall be charged to unit owners in such amount that the charge corresponds
approximately to their respective undivided interests in the common elements and limited common
elements as set forth or determined by the declaration and amendments thereto. The amount
of such expenses charged to each unit shall be a lien against such unit subject to the provisions
of Section 35-8-17. A unit owner shall, by acceptance of title, be conclusively presumed to
have agreed to pay his proportionate share of such expenses accruing while he is the owner
of a unit. However, the liability of a unit owner for such expenses shall be limited to amounts
duly assessed in accordance with this chapter, the declaration, and bylaws. No unit owner
may exempt himself from liability for his share of such expenses arising out of common elements
and limited common elements in which he has an interest by waiver...
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35-8A-205
Section 35-8A-205 Contents of declaration. (a) The declaration for a condominium must contain:
(1) The name of the condominium, which must include the word "condominium" or be
followed by the words "a condominium," and the name of the association; (2) The
name of every county in which any part of the condominium is situated; (3) A legally sufficient
description of the real estate included in the condominium; (4) A statement of the maximum
number of units which the declarant reserves the right to create; (5) A description of the
boundaries of each unit created by the declaration, including the unit's identifying number;
(6) A description of any limited common elements, other than those specified in Section 35-8A-202(2)
and (4), as provided in Section 35-8A-209(b)(10); (7) A description of any common elements
(except real estate subject to development rights) which may be allocated subsequently as
limited common elements, other than limited common elements specified in Section...
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35-8-12
Section 35-8-12 Liability, actions, and service of process. (a) Neither the association nor
any unit owner shall be liable for the individual acts or omissions of any other unit owner.
(b) All actions seeking liability of unit owners arising by virtue of their condominium ownership
and who are not liable by reason of any act or omission on their own part shall be directed
against the association and defended by the association. Where plaintiff's demand exceeds
unit owner insurance established by the association, such unit owner must be given notice
by the association and shall have the right at his own expense to individual representation
by counsel. (c) A unit owner, not liable by reason of any act or omission on his own part,
shall have no liability for any settlement, judgment, or cost of defense incurred by the association
with relation to limited common elements in which he has no interest. (d) A unit owner shall
be liable for no more than a pro rata share of any settlement,...
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35-8-16
Section 35-8-16 Liens against condominium property generally. (a) Except as otherwise provided
in Section 35-8-18, subsequent to recording the declaration as provided in this chapter and
while the property remains subject to this chapter, no lien shall arise or be effective against
the condominium property as a whole. During such period, liens or encumbrances shall arise
or be created only against each unit in the same manner and under the same conditions in every
respect as liens or encumbrances may arise or be created upon or against any other separate
parcel of real property subject to individual ownership; provided, that no labor performed
or materials furnished with the consent or at the request of a unit owner or his agent, his
contractor or subcontractor shall be the basis for the filing of a lien against the unit or
any other property of any other unit owner not expressly consenting to or requesting the same,
except that such express consent shall be deemed to be given by the...
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35-8A-403
Section 35-8A-403 Offering statement - General provisions. (a) Except as provided in subsection
(b), an offering statement must contain or fully and accurately disclose the following information
with regard to the condominium, including a proposed condominium: (1) The name and principal
address of the declarant; (2) The name and the address, legal description, or other description
of the location of the condominium, and the number and types of units in the condominium;
(3) A general description of the condominium, including to the extent possible, number and
types of buildings, structures, and amenities the declarant is obligated to build, and declarant's
schedule of commencement and completion of construction of buildings, structures, and amenities
the declarant is obligated to include in the condominium; (4) Copies of the declaration, as
well as any recorded plats, plans, easements, covenants, conditions, restrictions, and reservations
affecting the condominium; the certificate or...
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35-8-18
Section 35-8-18 Blanket mortgage on condominium property. Notwithstanding any other provision
of this chapter, if the declaration or bylaws so permit, the entire condominium property or
some or all of the units included therein may be subject to a single or blanket mortgage constituting
a first lien thereon created by recordable instrument by all of the owners of the property
or units covered thereby; and any unit included under the lien of such mortgage may be sold
or otherwise conveyed or transferred subject thereto. The instrument creating any such mortgage
shall provide a method whereby any unit owner may obtain a release of his unit from the lien
of such mortgage and a satisfaction and discharge in recordable form upon payment to the holder
of the mortgage of a sum equal to the proportionate share attributable to his unit of the
then outstanding balance of unpaid principal and accrued interest and any other charges then
due and unpaid. Such proportionate share attributable to each...
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40-16-3
Section 40-16-3 Returns. (a) Every financial institution, no later than the due date, including
applicable extensions, for its corresponding federal income tax or federal information return,
shall make and file with the Department of Revenue a return, signed under the penalties of
perjury by its cashier, treasurer, or other authorized officer or employee, if a corporation,
or by a person or authorized employee in charge of the conduct of the business to be taxed
if an individual, firm, association, or other legal entity, in such form as may be prescribed
by the Department of Revenue, giving such detailed information as the Department of Revenue
may in its opinion require to determine the net income of the financial institution for the
taxable year, by the net income of which the excise tax is to be measured. (b) Qualified corporate
groups, as in this chapter defined, shall have the option to file one excise tax return on
a consolidated basis or to file separate returns. Qualified...
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40-11-1
Section 40-11-1 Enumeration of subjects of taxation. (a) As used in this section the following
terms shall have the meanings ascribed herein: (1) CONSTRUCTION PURPOSES. The normal and ordinary
meaning of the words, except that mining activities or the transportation of materials used
in or produced by mining or forestry activities shall not be construed to be included; (2)
HEAVY DUTY EQUIPMENT. Any motor vehicle used primarily off the open road for construction
purposes, including all road construction equipment whose gross weight exceeds 16,000 pounds,
but not including inventory on hand for sale by duly licensed equipment dealers. (b) The subjects
of ad valorem taxation, except as exempted by law, shall be as follows: (1) Every piece, parcel,
tract, or lot of land in this state, including therein all things pertaining to such land,
and all structures and other things so annexed or attached thereto as to pass to a vendee
by conveyance of such land; and every separate or special...
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