Sec. 34.07.320. Distribution of funds from partition sale.

121 words·~1 min read·/ak/title-34/chapter-7/34-07-320

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The net proceeds of a sale of the property conducted in an action for partition started under AS 34.07.310 shall be considered as one fund.

(b)The fund shall be divided into separate shares, one for each apartment owner in a percentage equal to the percentage of undivided interest that the owner has in the property.

(c)After first paying out of the respective share of each apartment owner, all mortgages, deeds of trust, and liens on the undivided interest in the property owned by the apartment owner, the balance remaining in each share shall be distributed to each apartment owner respectively.

Article 5. Removal of Property From the Horizontal Property Regime.