46:8A-12. Waiver of regime
85 words·~1 min read·
/nj/title-46/chapter-8a/46-8a-12A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Two-thirds of the coowners or the sole owner of property constituted into a horizontal property regime may waive this regime and regroup or merge the records of the individual apartments with the principal property, provided, that the individual apartments are unencumbered, or if encumbered, that the creditors in whose behalf the encumbrances are recorded agree to accept as security the undivided portions of the property owned by the debtors.
L.1963, c. 168, s. 12. Amended by L.1978, c. 124, s. 5, eff. Oct. 5, 1978.