46:8A-24. Application of insurance proceeds to reconstruction; pro rata distribution in certain cases; rules governing reconstruction
135 words·~1 min read·
/nj/title-46/chapter-8a/46-8a-24A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In case of fire or any other disaster the insurance indemnity shall, except as provided in the next succeeding paragraph of this section, be applied to reconstruct the building.
Reconstruction shall not be compulsory where it comprises the whole or more than 2/3 of the building. In such case, and unless otherwise unanimously agreed upon by the co-owners, the indemnity shall be delivered pro rata to the co-owners entitled to it in accordance with provision made in the by-laws or in accordance with a decision of 3/4 of the co-owners if there is no by-law provision.
Should it be proper to proceed with the reconstruction, the provisions for such eventuality made in the by-laws shall be observed, or in lieu thereof, the decision of the council of co-owners shall prevail.
L.1963, c. 168, s. 24.