2005 Minnesota Statutes

     515.26 Disposition of property where it is damaged by 
  fire or other disaster.  

    In case of fire or other disaster, if a majority of the 
 apartment owners and all other parties in interest do not 
 voluntarily make provision for reconstruction of the building 
 within 180 days from the date of damage or destruction, the 
 manager or the board of directors of the association of 
 apartment owners shall file for record with the recording 
 officer a notice setting forth such facts and upon the recording 
 of such notice: 

    (1) The property shall be deemed to be owned in common by 
 the apartment owners; 

    (2) The undivided interest in the property owned in common 
 which shall appertain to each apartment owner shall be the 
 percentage of undivided interest previously owned by such owner 
 in the common areas and facilities; 

    (3) Any liens affecting any of the apartments shall be 
 deemed to be transferred in accordance with the existing 
 priorities to the percentage of the undivided interest of the 
 apartment owner in the property as provided herein; and 

    (4) The property shall be subject to an action for 
 partition at the suit of any apartment owner, in which event the 
 net proceeds of sale, together with the net proceeds of the 
 insurance on the property, if any, shall be considered as one 
 fund and shall be divided among all the apartment owners in a 
 percentage equal to the percentage of undivided interest owned 
 by each owner in the property, after first paying out of the 
 respective shares of the apartment owners, to the extent 
 sufficient for the purpose, all liens on the undivided interest 
 in the property owned by each apartment owner.  

    HIST: 1963 c 457 s 26; 1965 c 602 s 6