O.C.G.A.

O.C.G.A. § 44-3-108 (2019)

Common profits; application to expenses; surplus

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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The common profits shall be applied to the payment of common expenses, and the rights in any surplus remaining after such payment shall pertain to the condominium units in proportion to the liability for common expenses pertaining to each such unit. The surplus shall be accordingly distributed to or credited to the next assessments chargeable to the unit owners except to such extent as the condominium instruments may require or permit the same to be added to reserves maintained pursuant to those instruments.

History

(Ga. L. 1975, p. 609, § 40.)

Annotations

RESEARCH REFERENCES Am. Jur. 2d. - 15A Am. Jur. 2d, Condominiums and Cooperative Apartments, § 34.

C.J.S. - 51C C.J.S., Landlord and Tenant, § 232.