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35-8A-413
Section 35-8A-413 Express warranties. (a) Express warranties made by the declarant, an affiliate
of the declarant, or any person in the business of selling real estate for his or her own
account, to a purchaser of a unit, if relied upon by the purchaser, are created as follows:
(1) Any affirmation of material fact or material promise which relates to the unit, its use,
or rights appurtenant thereto, improvements to the condominium that would directly benefit
the unit, or the right to use or have the benefit of facilities not located in the condominium,
creates an express warranty that the unit and related rights and uses will conform to the
affirmation or promise; (2) Any model or description of the physical characteristics of the
condominium, including plans and specifications of or for improvements, creates an express
warranty that the condominium will substantially conform to the model or description; (3)
Any description of the quantity or extent of the real estate comprising the...
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35-8A-410
Section 35-8A-410 Escrow of deposits. (a) As used in this section, except as otherwise provided,
the following terms shall have the following meanings: (1) HARD COSTS. Any and all costs associated
with the actual building and construction of the condominium project, including, but not limited
to, site preparation, building materials, shell features, interior enclosures, fit-out costs,
mechanical and electrical systems, and fixtures. The term hard costs does not include financing
costs, compensation paid to architects, engineers, consultants, sales persons, or attorneys
or for advertising or other marketing costs. (2) QUALIFIED PURCHASER. a. An individual, a
group of individuals, or an entity owned directly or indirectly solely by individuals where
each individual shall have an income of more than two hundred thousand dollars ($200,000)
for the calendar year immediately preceding the date of the purchaser's signing of the purchase
contract, or a joint income with his or her spouse of...
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35-8A-217
Section 35-8A-217 Amendment of declaration. (a) Except in cases of amendments that may be executed
by a declarant under section 35-8A-209(f) or 35-8A-210; the association under section 35-8A-107,
35-8A-206(d), 35-8A-208(c), 35-8A-212(a), or 35-8A-213; or by certain unit owners under section
35-8A-208(b), 35-8A-212(a), 35-8A-213(b), or 35-8A-218(b), and except as limited by subsection
(d), the declaration, including the plats and plans, may be amended only by the affirmative
vote or agreement of unit owners of units to which at least two-thirds of the votes in the
association are allocated, or any larger majority the declaration specifies. The declaration
may specify a smaller number only if all of the units are restricted exclusively to non-residential
use. (b) No action to challenge the validity of an amendment adopted by the association pursuant
to this section may be brought more than one year after the amendment is recorded. (c) Every
amendment to the declaration must be recorded...
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35-8A-312
Section 35-8A-312 Conveyance or encumbrance of common elements. (a) In a condominium portions
of the common elements may be conveyed or subjected to a security interest by the association
if persons entitled to cast at least 80 percent of the votes in the association, including
80 percent of the votes allocated to units not owned by a declarant, or any larger percentage
the declaration specifies, agree to that action; but all the owners of units to which any
limited common element is allocated must agree in order to convey that limited common element
or subject it to a security interest. The declaration may specify a smaller percentage only
if all of the units are restricted exclusively to nonresidential uses. Proceeds of the sale
or loan are an asset of the association. (b) An agreement to convey common elements in a condominium
or subject them to a security interest must be evidenced by the execution of an agreement,
or ratifications thereof, in the same manner as a deed, by the...
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35-8A-102
Section 35-8A-102 Applicability. (a) This chapter applies to all condominiums created within
this state after January 1, 1991. Sections 35-8A-104 (Variation by agreement), 35-8A-105 (Separate
titles and taxation), 35-8A-106 (Applicability of local ordinances, regulations, and building
codes), 35-8A-107 (Eminent domain), 35-8A-203 (Construction and validity of declaration and
bylaws), 35-8A-204 (Description of units), 35-8A-302(a)(1) through (a)(6) and (a)(11) through
(a)(16) (Powers of unit owners' association), 35-8A-311 (Tort and contract liability), 35-8A-316
(Lien for assessments), 35-8A-318 (Association records), 35-8A-409 (Resales of units), and
35-8A-417 (Substantial completion of units), and Section 35-8A-103 (Definitions), to the extent
necessary in construing any of those sections, apply to all condominiums created in this state
before January 1, 1991; but those sections apply only with respect to events and circumstances
occurring after January 1, 1991, and do not invalidate...
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35-8A-302
Section 35-8A-302 Powers of unit owners' association. (a) Except as provided in subsection
(b), and subject to the provisions of the declaration, the association may: (1) Adopt and
amend bylaws and rules and regulations; (2) Adopt and amend budgets for revenues, expenditures,
and reserves and impose and collect assessments for common expenses from unit owners; (3)
Hire and discharge managing agents and other employees, agents, and independent contractors;
(4) Institute, defend, or intervene in litigation or administrative proceedings in its own
name on behalf of itself or two or more unit owners on matters affecting the condominium;
(5) Make contracts and incur liabilities; (6) Regulate the use, maintenance, repair, replacement,
and modification of common elements; (7) Cause additional improvements to be made as a part
of the common elements; (8) Acquire, hold, encumber, and convey in its own name any right,
title, or interest to real or personal property, but interests in the common...
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9-17-13
Section 9-17-13 Integration of interests; cycling operations; orders of board; procedures.
(a) When any mineral or other related interests deriving from two or more separately owned
tracts of land are embraced within an established or a proposed drilling or production unit,
or when there are separately owned interests in all or a part of an established or proposed
drilling or production unit, or any combination of such, the persons owning the interests
therein may validly agree to integrate or pool the interests and to develop the interests
and associated lands as a drilling or production unit. Where, however, the owners have not
agreed to so integrate or pool the interests, the board shall, for the prevention of waste
or to avoid the drilling of unnecessary wells, require the persons owning such interests to
do so and to develop their interests and the associated lands as a drilling or production
unit. (b) The board, in order to prevent waste and avoid the drilling of unnecessary...
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11-32-7
Section 11-32-7 Powers of authority. (a) The authority shall exercise powers and duties necessary
to the discharge of its powers and duties in corporate form as follows: (1) Have succession
by its corporate name in perpetuity subject to Section 11-32-20. (2) Sue and be sued in its
own name in civil suits and actions and defend suits against it. (3) Adopt and make use of
a corporate seal and alter the same at its pleasure. (4) Adopt and alter bylaws for the regulation
and conduct of its affairs and business. (5) Acquire, receive, take, by purchase, gift, lease,
devise, or otherwise, and hold property of every description, real, personal, or mixed, whether
located in one or more counties or municipalities and whether located within or outside the
authorizing county. (6) Make, enter into, and execute contracts, agreements, leases, and other
instruments and take other actions as may be necessary or convenient to accomplish any purpose
for which the authority was organized, or exercise any...
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27-38-1
Section 27-38-1 Establishment of separate accounts by life insurers to provide for life insurance
or annuities and benefits incidental thereto. A life insurer organized under the laws of this
state may, by or pursuant to a resolution of its board of directors, establish one or more
separate accounts and may allocate thereto amounts, including without limitation proceeds
applied under optional modes of settlement or under dividend options, to provide for life
insurance or annuities, and benefits incidental thereto, payable in fixed or variable amounts
or both, subject to the following: (1) The income, gains, and losses, realized or unrealized,
from assets allocated to a separate account shall be credited to, or charged against, the
account, without regard to other income, gains, or losses of the insurer; (2) Except as provided
in this section, amounts allocated to any separate account, and accumulations thereon, may
be invested and reinvested without regard to any requirements or...
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7-2A-103
Section 7-2A-103 Definitions and index of definitions. (1) In this article unless the context
otherwise requires: (a) "Buyer in ordinary course of business" means a person who
in good faith and without knowledge that the sale to him or her is in violation of the ownership
rights or security interest or leasehold interest of a third party in the goods, buys in ordinary
course from a person in the business of selling goods of that kind but does not include a
pawnbroker. "Buying" may be for cash or by exchange of other property or on secured
or unsecured credit and includes receiving goods or documents of title under a pre-existing
contract for sale but does not include a transfer in bulk or as security for or in total or
partial satisfaction of a money debt. (b) "Cancellation" occurs when either party
puts an end to the lease contract for default by the other party. (c) "Commercial unit"
means such a unit of goods as by commercial usage is a single whole for purposes of lease
and...
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