reglab/statecodes huggingface dataset:
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 2 - Creation, Alteration, and Termination of Common Interest Communities › § 2-119. Rights of secured lenders

§ 2-119. Rights of secured lenders
(a) The declaration may require that all or a specified number or percentage of the lenders who hold security interests in the units or common elements approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but lack of approval will not have the effect of:
(1) denying or delegating control over the general administrative affairs of the association by the unit owners or the executive board;
(2) preventing the association or the executive board from participating in any litigation or proceeding; or
(3) preventing an insurance trustee or the association from receiving and distributing insurance proceeds except pursuant to section 3-113 of this title.
(b) A lender who has extended credit to an association secured by an assignment of income (subdivision 3-102(a)(14) of this title) or an encumbrance on the common elements (section 3-112) may enforce its security agreement in accordance with its terms, subject to the requirements of this title and other law. Requirements that the association must deposit its periodic common charges before default with the lender to which the association’s income has been assigned, or increase its common charges at the lender’s direction by amounts reasonably necessary to amortize the loan in accordance with its terms, do not violate the prohibitions on lender approval contained in subsection (a) of this section. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 2 - Creation, Alteration, and Termination of Common Interest Communities › § 2-120. Master associations

§ 2-120. Master associations
(a) If the declaration provides that any of the powers described in section 3-102 of this title may be exercised by or may be delegated to a corporation or association on behalf of one or more common interest communities or for the benefit of the unit owners of one or more common interest communities, the provisions of this title applicable to unit owners’ associations apply to that corporation or unincorporated association, except as modified by this section.
(b) Unless a master association is acting in the capacity of an association described in section 3-101 of this title, it may exercise the powers provided in subdivision 3-102(a)(2) of this title only to the extent permitted in the declaration or described in the delegations of power of those common interest communities to the master association.
(c) If the declaration provides that the executive board may delegate certain powers to a master association, the members of the executive board shall not be liable for acts or omissions of the master association with respect to those powers after the delegation.
(d) The rights and responsibilities of unit owners with respect to the unit owners’ association as provided in sections 3-103, 3-106, and 3-109 of this title apply only to the conduct of the affairs of a master association in regard to those persons who elect the board of a master association, whether or not those persons are unit owners.
(e) Even if a master association is also an association under section 3-101 of this title, the instrument creating the master association and the declaration may provide that the executive board of the master association shall be elected after the period of declarant control in any one of the following ways:
(1) All unit owners of all common interest communities subject to the master association may elect all members of that executive board.
(2) All members of the executive boards of all common interest communities subject to the master association may elect all members of that executive board.
(3) All unit owners of each common interest community subject to the master association may elect specified members of that executive board.
(4) All members of the executive board of each common interest community subject to the master association may elect specified members of that executive board. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 2 - Creation, Alteration, and Termination of Common Interest Communities › § 2-121. Merger or consolidation of common interest communities

§ 2-121. Merger or consolidation of common interest communities
(a) Any two or more common interest communities with the same form of ownership, by agreement of the unit owners as provided in subsection (b) of this section, may be merged or consolidated into a single common interest community by agreement of the unit owners. In the event of a merger or consolidation, unless the agreement otherwise provides, the resultant common interest community is the successor, for all purposes, of all the preexisting common interest communities, and the operations and activities of all associations of the preexisting common interest communities are merged or consolidated into a single association that holds the powers, rights, obligations, assets, and liabilities of the preexisting associations.
(b) An agreement of two or more common interest communities to merge or consolidate pursuant to subsection (a) of this section shall be evidenced by an agreement prepared, executed, recorded, and certified by the president of the association of each of the preexisting common interest communities following approval by owners of units to which are allocated the percentage of votes in each common interest community required to terminate that common interest community. The agreement shall not be effective until it is recorded in all municipalities in which the common interest community is located.
(c) Every merger or consolidation agreement shall provide for the reallocation of the allocated interests in the new association among the units of the resultant common interest community either:
(1) by stating the reallocations or the formulas upon which they are based; or
(2) by stating the percentage of overall allocated interests of the new common interest community that are allocated to all of the units comprising each of the preexisting common interest communities and providing that the portion of the percentages allocated to each unit formerly comprising a part of a preexisting common interest community must be equal to the percentages of allocated interests allocated to that unit by the declaration of the preexisting common interest community. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 2 - Creation, Alteration, and Termination of Common Interest Communities › § 2-122. Addition of unspecified real estate

§ 2-122. Addition of unspecified real estate
If the right to add unspecified real estate is reserved in the declaration of a planned community, the declarant, in addition to any other development right, may amend the declaration at any time during the time specified in the declaration to add additional real estate to the planned community without describing that real estate in the original declaration, provided the amount of real estate added to the planned community does not exceed 10 percent of the real estate described in subdivision 2-105(a)(3) of this title and the number of units is not increased beyond the number stated in the original declaration. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 2 - Creation, Alteration, and Termination of Common Interest Communities › § 2-123. Master planned communities

§ 2-123. Master planned communities
(a) The declaration for a common interest community may state that it is a master planned community if the declarant has reserved the development right to create at least 500 units that may be used for residential purposes and at the time of the reservation that declarant owns or controls more than 500 acres on which the units may be built.
(b) If the requirements of subsection (a) of this section are satisfied, the declaration for the master planned community need not state a maximum number of units and need not contain any of the information required by subdivisions 2-105(a)(3) through (14) of this title until the declaration is amended under subsection (c) of this section.
(c) When each unit in a master planned community is conveyed to a purchaser, the declaration must contain:
(1) a sufficient legal description of the unit and all portions of the master planned community in which any other units have been conveyed to a purchaser; and
(2) all the information required by subdivisions 2-105(a)(3) through (14) of this title with respect to that real estate.
(d) The only real estate in a master planned community that is subject to this title is units that have been declared or that are being offered for sale and any other real estate described pursuant to subsection (c) of this section. Other real estate that is or may become part of the master planned community is only subject to other law and to any other restrictions and limitations that appear as encumbrances duly recorded and indexed in the town clerk’s office.
(e) If the public offering statement conspicuously identifies the fact that the community is a master planned community, the disclosure requirements contained in Article 4 of this title apply only with respect to units that have been declared or are being offered for sale in connection with the public offering statement and to the real estate described pursuant to subsection (c) of this section.
(f) Limitations in this title on the addition of unspecified real estate (section 2-122 of this title) do not apply to a master planned community.
(g) The period of declarant control of the association for a master planned community terminates in accordance with any conditions specified in the declaration or otherwise at the time the declarant, in a recorded instrument and after giving notice in a record to all the unit owners, voluntarily surrenders all rights to control the activities of the association. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 22, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 2 - Creation, Alteration, and Termination of Common Interest Communities › § 2-124. Termination following catastrophe

§ 2-124. Termination following catastrophe
If substantially all the units in a common interest community have been destroyed or are uninhabitable and the available methods for giving notice under section 3-121 of this title of a meeting of unit owners to consider termination under section 2-118 of this title will not likely result in receipt of the notice, the executive board or any other interested person may commence an action in superior court seeking to terminate the common interest community. During the pendency of the action, the court may issue whatever orders it considers appropriate, including appointment of a receiver. After a hearing, the court may terminate the common interest community or reduce its size and may issue any other order the court considers to be in the best interests of the unit owners and persons holding an interest in the common interest community. (Added 2009, No. 155 (Adj. Sess.), § 23, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-101. Organization of unit owners’ association

§ 3-101. Organization of unit owners’ association
A unit owners’ association shall be organized no later than the date the first unit in the common interest community is conveyed. The membership of the association at all times shall consist exclusively of all unit owners or, following termination of the common interest community, of all former unit owners entitled to distributions of proceeds, or their heirs, successors, or assigns. The association must have an executive board. The association shall be organized as a profit or nonprofit corporation, trust, limited liability company, partnership, unincorporated association, or any other form of organization authorized by the law of this State. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 24, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-105. Termination of contracts and leases of declarant

§ 3-105. Termination of contracts and leases of declarant
(a) Within two years after the executive board elected by the unit owners pursuant to subsection 3-103(f) of this title takes office, the association may terminate without penalty, upon at least 90 days’ notice to the other party, any of the following if entered into before the executive board was elected:
(1) any management, maintenance, operations, or employment contract, or lease of recreational or parking areas or facilities; or
(2) any other contract or lease between the association and a declarant or an affiliate of a declarant.
(b) At any time after the executive board elected by the unit owners pursuant to subsection 3-103(f) of this title takes office, the association may terminate without penalty, upon at least 90 days’ notice to the other party, any contract or lease that is not bona fide or was unconscionable to the unit owners at the time the contract was entered into.
(c) This section does not apply to a lease that if terminated would terminate the common interest community or reduce its size, unless the real estate subject to that lease was included in the common interest community for the purpose of avoiding the right of the association to terminate a lease under this section. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 27, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-106. Bylaws

§ 3-106. Bylaws
(a) The bylaws of the association shall:
(1) provide the number of members of the executive board and the titles of the officers of the association;
(2) provide for election by the executive board or, if the declaration requires, by the unit owners, of a president, treasurer, secretary, and any other officers the bylaws specify;
(3) specify the qualifications, powers and duties, terms of office, and manner of electing and removing executive board members and officers and filling vacancies;
(4) specify the powers that the executive board or officers may delegate to other persons or to a managing agent;
(5) specify the officers who may prepare, execute, certify, and record amendments to the declaration on behalf of the association;
(6) establish the frequency of association meetings, which in no case shall be less than one per year;
(7) establish the number of voters constituting a quorum, which shall not be less than 20 percent of the persons entitled to vote for the executive board. Proxy votes may be included for a quorum;
(8) specify a method for the unit owners to amend the bylaws;
(9) contain any other provisions necessary to satisfy requirements of this title or the declaration concerning meetings, voting, quorums, and other activities of the association; and
(10) provide for any matter required by the laws of this state other than this title that is required to appear in the bylaws of organizations of the same type as the association.
(b) Subject to the declaration and this title, the bylaws may provide for any other necessary or appropriate matters, including matters that could be adopted as rules. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 28, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-107. Upkeep of common interest community

§ 3-107. Upkeep of common interest community
(a) Except to the extent provided by the declaration and subsections 3-113(b) and (h) of this title, the association shall be responsible for maintenance, repair and replacement of the common elements, and each unit owner shall be responsible for the maintenance, repair and replacement of his or her unit. Each unit owner shall provide to the association and the other unit owners, their agents or employees, access through his or her unit reasonably necessary for those purposes. A unit owner or association is liable for the prompt repair of any damages caused to the common elements or to any unit through which access was taken.
(b) In addition to the liability that a declarant as a unit owner has under this title, the declarant alone is liable for all expenses in connection with real estate subject to development rights. No other unit owner and no other portion of the common interest community is subject to a claim for payment of those expenses. Unless the declaration provides otherwise, any income or proceeds from real estate subject to development rights inures to the declarant.
(c) In a planned community, if all development rights have expired with respect to any real estate, the declarant remains liable for all expenses of that real estate unless, upon expiration, the declaration provides that the real estate becomes common elements or units. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-109. Quorum

§ 3-109. Quorum
(a) Unless the bylaws provide otherwise, a quorum is present throughout any meeting of the unit owners if persons entitled to cast 20 percent of the votes in the association:
(1) are present in person or by proxy at the beginning of the meeting;
(2) have cast absentee ballots solicited in accordance with subdivision 3-110(c)(4) of this title that have been delivered to the secretary in a timely manner; or
(3) are present by any combination of subdivisions (1) and (2) of this subsection.
(b) Unless the bylaws specify a larger number, a quorum of the executive board is present for purposes of determining the validity of any action taken at a meeting of the executive board only if individuals entitled to cast 50 percent of the votes on that board are present at the time a vote regarding that action is taken. If a quorum is present when a vote is taken, the affirmative vote of a majority of the board members present is the act of the executive board unless a greater vote is required by the declaration or bylaws.
(c) Except as otherwise provided in the bylaws, meetings of the association shall be conducted in accordance with the most recent edition of Roberts’ Rules of Order Newly Revised. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 30, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-111. Tort and contract liability

§ 3-111. Tort and contract liability
(a) A unit owner is not liable, solely by reason of being a unit owner, for any injury or damage arising out of the condition or use of the common elements. Neither the association nor any unit owner except the declarant is liable for that declarant’s torts in connection with any part of the common interest community that the declarant has the responsibility to maintain.
(b)(1) An action alleging a wrong done by the association, including an action arising out of the condition or use of the common elements, must be brought only against the association and not against any unit owner. If the wrong occurred during any period of declarant control and the association gives the declarant reasonable notice of and an opportunity to defend against the action, the declarant who then controlled the association is liable to the association or to any unit owner for:
(A) all tort losses not covered by insurance, suffered by the association or that unit owner; and
(B) all costs that the association would not have incurred but for a breach of contract or other wrongful act or omission.
(2) Whenever the declarant is liable to the association under this title, the declarant is also liable for all litigation expenses, including reasonable attorneys’ fees, incurred by the association.
(c) Except as provided in section 4-116 of this title with respect to warranty claims, any statute of limitation affecting the association’s right of action under this title does not begin to run until the period of declarant control terminates. A unit owner is not precluded from bringing an action contemplated by this section because he or she is a unit owner or a member or officer of the association. Liens resulting from judgments against the association are governed by section 3-114 of this title. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-114. Surplus funds

§ 3-114. Surplus funds
Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves shall be paid annually to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 33, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-115. Assessments for common expenses

§ 3-115. Assessments for common expenses
(a) Until the association makes a common expense assessment, the declarant shall pay all common expenses. After any assessment has been made by the association, assessments shall be made at least annually, based on a budget adopted at least annually by the association.
(b) Except for assessments under subsections (c), (d), and (e) of this section, or as otherwise provided in this title, all common expenses shall be assessed against all the units in accordance with the allocations set forth in the declaration. The association may charge interest on any past due assessment or portion thereof at a rate established by the association, not exceeding the legal rate.
(c) To the extent required by the declaration:
(1) a common expense associated with the maintenance, repair, or replacement of a limited common element shall be assessed against the units to which that limited common element is assigned, equally or in any other proportion the declaration provides;
(2) a common expense benefiting fewer than all of the units or their owners may be assessed exclusively against the units or unit owners benefited; and
(3) the cost of insurance shall be assessed in proportion to risk and the cost of utilities shall be assessed in proportion to usage.
(d) Assessments to pay a judgment against the association may be assessed only against the units in the common interest community at the time the judgment was entered, in proportion to their common expense liabilities.
(e) If damage to a unit or other part of the common interest community, or if any other common expense is caused by the willful misconduct or gross negligence of any unit owner, guest, or invitee of a unit owner, the association may, after notice and hearing, assess that expense exclusively against that owner’s unit, even if the association maintains insurance with respect to that damage or common expense.
(f) If common expense liabilities are reallocated, common expense assessments and any installment not yet due shall be recalculated in accordance with the reallocated common expense liabilities. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 34, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-117. Other liens

§ 3-117. Other liens
(a) Except as otherwise provided in subsection (b) of this section, a judgment for money against the association pursuant to 12 V.S.A. § 4531a, if recorded, is not a lien on the common elements, but is a lien in favor of the judgment lienholder against all of the other real estate of the association and all of the units in the common interest community at the time the judgment was entered. No other property of a unit owner is subject to the claims of creditors of the association.
(b) If the association has granted a security interest in the common elements to a creditor of the association pursuant to section 3-108 of this title, the holder of that security interest shall exercise its right against the common elements before its judgment lien on any unit may be enforced.
(c) Whether perfected before or after the creation of the common interest community, if a lien, other than a deed of trust or mortgage, becomes effective against two or more units, the unit owner of an affected unit may pay to the lienholder the amount of the lien attributable to that unit, and the lienholder, upon receipt of payment, shall promptly deliver a release of the lien covering that unit. The amount of payment shall be proportional to the ratio of that unit owner’s common expense liability to the common expense liabilities of all unit owners whose units are subject to the lien. After payment, the association shall not have a lien or assessment against that unit owner’s unit for any portion of the common expenses incurred in connection with that lien.
(d) A judgment against the association shall be indexed in the name of the common interest community and the association and after it is indexed is notice of the lien against the units. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 36, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-119. Association as trustee

§ 3-119. Association as trustee
A third person dealing with the association in the association’s capacity as a trustee may assume without inquiry that the association has trust powers and will properly exercise them. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, is fully protected in dealing with the association as if the association possessed and properly exercised the powers it purports to exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the association in its capacity as trustee. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-120. Rules

§ 3-120. Rules
(a) Before adopting, amending, or repealing any rule, the executive board shall give all unit owners notice of:
(1) its intention to adopt, amend, or repeal a rule and provide the text of the rule or the proposed change; and
(2) a date on which the executive board will act on the proposed rule or amendment after considering comments from unit owners.
(b) Following adoption, amendment, or repeal of a rule, the association shall notify the unit owners of its action and provide a copy of any new or revised rule.
(c) An association may adopt rules to establish and enforce construction and design criteria and aesthetic standards if the declaration so provides. If the declaration so provides, the association shall adopt procedures for enforcement of those standards and for approval of construction applications, including a reasonable time within which the association must act after an application is submitted and the consequences of its failure to act.
(d) A rule regulating display of the flag of the United States must be consistent with federal law. In addition, the association may not prohibit display on a unit or on a limited common element adjoining a unit of the flag of this State, or signs regarding candidates for public or association office or ballot questions, but the association may adopt rules governing the time, place, size, number, and manner of those displays.
(e) Unit owners may peacefully assemble on the common elements to consider matters related to the common interest community, but the association may adopt rules governing the time, place, and manner of those assemblies.
(f) An association may adopt rules that affect the use of or behavior in units that may be used for residential purposes, only to:
(1) implement a provision of the declaration;
(2) regulate any behavior in or occupancy of a unit that violates the declaration or adversely affects the use and enjoyment of other units or the common elements by other unit owners; or
(3) restrict the leasing of residential units to the extent those rules are reasonably designed to meet underwriting requirements of institutional lenders that regularly make loans secured by first mortgages on units in common interest communities or regularly purchase those mortgages.
(g) An association’s internal business operating procedures need not be adopted as rules.
(h) Every rule must be reasonable. (Added 2009, No. 155 (Adj. Sess.), § 38, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-121. Notice to unit owners

§ 3-121. Notice to unit owners
(a) An association shall deliver any notice required to be given by the association under this title to any mailing or electronic mail address a unit owner designates. Otherwise, the association may deliver notices by:
(1) hand delivery to each unit owner;
(2) hand delivery, U.S. mail postage paid, or commercially reasonable delivery service to the mailing address of each unit;
(3) electronic means, if the unit owner has given the association an electronic address; or
(4) any other method reasonably calculated to provide notice to the unit owner.
(b) The ineffectiveness of a good faith effort to deliver notice by an authorized means does not invalidate action taken at or without a meeting. (Added 2009, No. 155 (Adj. Sess.), § 39, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-122. Removal of officers and directors

§ 3-122. Removal of officers and directors
(a) Notwithstanding any provision of the declaration or bylaws to the contrary, unit owners present in person, by proxy, or by absentee ballot at any meeting of the unit owners at which a quorum is present may remove any member of the executive board and any officer elected by the unit owners, with or without cause, if the number of votes cast in favor of removal exceeds the number of votes cast in opposition to removal, but:
(1) a member appointed by the declarant may not be removed by a unit owner vote during the period of declarant control;
(2) a member appointed under subsection 3-103(g) of this title may be removed only by the person that appointed that member; and
(3) the unit owners may not consider whether to remove a member of the executive board or an officer elected by the unit owners at a meeting of the unit owners unless that subject was listed in the notice of the meeting.
(b) At any meeting at which a vote to remove a member of the executive board or an officer is to be taken, the member or officer being considered for removal must have a reasonable opportunity to speak before the vote. (Added 2009, No. 155 (Adj. Sess.), § 40, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 3 - Management of the Common Interest Community › § 3-123. Adoption of budgets; special assessments

§ 3-123. Adoption of budgets; special assessments
(a) The executive board, at least annually, shall adopt a proposed budget for the common interest community for consideration by the unit owners. Not later than 30 days after adoption of a proposed budget, the executive board shall provide to all the unit owners a summary of the budget, including any reserves, and a statement of the basis on which any reserves are calculated and funded. Simultaneously, the board shall set a date not less than 10 days or more than 60 days after providing the summary for a meeting of the unit owners to consider ratification of the budget. Unless at that meeting a majority of all unit owners or any larger number specified in the declaration reject the budget, the budget is ratified, whether or not a quorum is present. If a proposed budget is rejected, the budget last ratified by the unit owners continues until unit owners ratify a subsequent budget.
(b) The executive board, at any time, may propose a special assessment. Except as otherwise provided in subsection (c) of this section, the assessment is effective only if the executive board follows the procedures for ratification of a budget described in subsection (a) and the unit owners do not reject the proposed assessment.
(c) If the executive board determines by a two-thirds vote that a special assessment is necessary to respond to an emergency:
(1) the special assessment becomes effective immediately in accordance with the terms of the vote;
(2) notice of the emergency assessment must be provided promptly to all unit owners; and
(3) the executive board may spend the funds paid on account of the emergency assessment only for the purposes described in the vote. (Added 2009, No. 155 (Adj. Sess.), § 41, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 4 - Protection of Purchasers › § 4-101. Waiver

§ 4-101. Waiver
(a) This article applies to all units subject to this title, except as provided in subsection (b) of this section or as modified or waived by agreement of purchasers of units in a common interest community in which all units are restricted to nonresidential use.
(b) Neither a public offering statement nor a resale certificate need be prepared or delivered in the case of:
(1) a gratuitous disposition of a unit;
(2) a disposition pursuant to court order;
(3) a disposition by a government or governmental agency;
(4) a disposition by foreclosure or deed in lieu of foreclosure;
(5) a disposition to a dealer;
(6) a disposition that may be canceled at any time and for any reason by the purchaser without penalty;
(7) a disposition of a unit restricted to nonresidential purposes. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 4 - Protection of Purchasers › § 4-102. Liability for public offering statement requirements

§ 4-102. Liability for public offering statement requirements
(a) Except as otherwise provided in subsection (b) of this section, a declarant shall prepare a public offering statement conforming to the requirements of sections 4-103, 4-104, 4-105, and 4-106 of this title before offering any interest in a unit to the public.
(b) A declarant may transfer responsibility for preparation of all or a part of the public offering statement to a successor declarant or to a dealer who intends to offer units in the common interest community. In the event of any such transfer, the transferor shall provide the transferee with any information necessary to enable the transferee to fulfill the requirements of subsection (a) of this section.
(c) Any declarant or dealer who offers a unit to a purchaser shall deliver a public offering statement in the manner prescribed in subsection 4-103(a) of this title. The declarant who prepared all or a part of the public offering statement is liable under section 4-117 of this title for any false or misleading statement stated in it or for any omission of material fact therefrom.
(d) If a unit is part of a common interest community and is part of any other real estate regime in connection with the sale of which the delivery of a public offering statement is required under the laws of this state, a single public offering statement conforming to the requirements of sections 4-103, 4-104, 4-105, and 4-106 of this title, as they relate to each regime in which the unit is located, and to any other requirements imposed by law may be prepared and delivered in lieu of providing two or more public offering statements. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 43, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 4 - Protection of Purchasers › § 4-105. Time shares

§ 4-105. Time shares
If the declaration provides that ownership or occupancy of any unit is or may be in time shares, the public offering statement shall disclose in addition to the information required by section 4-103 of this title:
(1) the number and identity of units in which time shares may be created;
(2) the total number of time shares that may be created;
(3) the minimum duration of any time share that may be created; and
(4) the extent to which the creation of time shares may affect the enforceability of the association’s lien for assessments provided in section 3-116 of this title. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 4 - Protection of Purchasers › § 4-106. Conversion buildings

§ 4-106. Conversion buildings
(a) The public offering statement of a common interest community containing any conversion building that may be occupied for residential use shall contain, in addition to the information required by section 4-103 of this title:
(1) a statement by the declarant, based on a report by an independent architect or engineer, describing the present condition of all structural components and mechanical and electrical installations material to the use and enjoyment of the building;
(2) a statement by the declarant of the expected useful life of each item reported in subdivision (1) of this section, or a statement that no representations are made in that regard; and
(3) a list of any outstanding notices of uncured violation of the building code or other municipal regulations and the cost of curing those violations.
(b) This section applies to any buildings containing units that may be occupied for residential use. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 4 - Protection of Purchasers › § 4-107. Common interest community securities

§ 4-107. Common interest community securities
If an interest in a common interest community is currently registered with the Securities and Exchange Commission of the United States, a declarant satisfies all requirements relating to the preparation of a public offering statement under this title if the declarant delivers to the purchaser a copy of the public offering statement filed with the Securities and Exchange Commission. An interest in a common interest community is not a security under the provisions of 9 V.S.A. chapter 131. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 4 - Protection of Purchasers › § 4-110. Escrow of deposits

§ 4-110. Escrow of deposits
Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement pursuant to subsection 4-102(c) of this title shall be placed in escrow and held either in this state or in the state where the unit is located in an account designated solely for that purpose by a licensed real estate broker, an attorney licensed in that state or a banking institution the accounts of which are insured by an agency or instrumentality of the government until the deposit is:
(1) delivered to the declarant at closing;
(2) delivered to the declarant after the purchaser’s default under a contract to purchase; or
(3) refunded to the purchaser. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 4 - Protection of Purchasers › § 4-111. Release of liens

§ 4-111. Release of liens
(a) In the case of a sale of a unit where delivery of a public offering statement is required pursuant to subsection 4-102(c) of this title, before conveying a unit, a seller shall:
(1) record or furnish to the purchaser releases of all liens, except liens on real estate that a declarant has the right to withdraw from the common interest community, that the purchaser does not expressly agree to take subject to or assume and that encumber:
(A) in a condominium, that unit and its common element interest; and
(B) in a planned community, that unit and any limited common elements assigned to it; or
(2) provide a surety bond or substitute collateral for or insurance against the lien.
(b) Before conveying real estate to the association, the declarant shall have that real estate released from:
(1) all liens the foreclosure of which would deprive unit owners of any right of access to or easement of support of their units; and
(2) all other liens on that real estate unless the public offering statement describes certain real estate that may be conveyed subject to liens in specified amounts. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 4 - Protection of Purchasers › § 4-113. Express warranties of quality

§ 4-113. Express warranties of quality
(a) Express warranties made by a declarant to a purchaser of a unit are created as follows:
(1) Any affirmation of fact or promise that relates to the unit, its use or rights appurtenant to it, area improvements to the common interest community that would directly benefit the unit, or the right to use or have the benefit of facilities not located in the common interest community warranties conformity of the unit and related rights and uses.
(2) Any model or description of the physical characteristics of the common interest community, including plans and specifications of or for improvements, creates an express warranty that the common interest community will conform to the model or description, unless the model or description clearly discloses that it is only proposed or is subject to change.
(3) Any description of the quantity or extent of the real estate comprising the common interest community, including plats or surveys warranties conformity of the common interest community to the description, subject to customary tolerances.
(4) A provision that a purchaser may put a unit only to a specified use warranties the legality of the specified use.
(b) Neither formal words, such as “warranty” or “guarantee,” nor a specific intention to make a warranty is necessary to create an express warranty of quality, but a statement purporting to be merely an opinion or commendation of the real estate or its value does not create a warranty.
(c) A conveyance of a unit transfers to the purchaser all express warranties of quality made by the declarant. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 45, eff. Jan. 1, 2012.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 4 - Protection of Purchasers › § 4-114. Implied warranties of quality

§ 4-114. Implied warranties of quality
(a) A declarant and any dealer warrant that a unit will be in at least as good condition at the time of the conveyance or delivery of possession, whichever is earlier, as it was at the time of contracting, reasonable wear and tear excepted.
(b) A declarant and any dealer impliedly warrant that a unit and the common elements in the common interest community are suitable for the ordinary uses of real estate of its type and that any improvements made or contracted for by him or her, or made by any person before the creation of the common interest community, will be:
(1) free from defective materials; and
(2) constructed in accordance with applicable law, according to sound engineering and construction standards, and in a workerlike manner.
(c) In addition, a declarant and any dealer warrant to a purchaser of a unit that may be used for residential use that an existing use, continuation of which is contemplated by the parties, does not violate applicable law at the time of conveyance or delivery of possession, whichever is earlier.
(d) Warranties imposed by this section may be excluded or modified as specified in section 4-113 of this title.
(e) For purposes of this section, improvements made or contracted for by an affiliate of a declarant are made or contracted for by the declarant.
(f) A conveyance of a unit transfers to the purchaser all the declarant’s implied warranties of quality. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
2023 Vermont Statutes › Title 27A - Uniform Common Interest Ownership Act (1994) › Article 4 - Protection of Purchasers › § 4-115. Exclusion or modification of implied warranties of quality

§ 4-115. Exclusion or modification of implied warranties of quality
(a) Except as limited by subsection (b) of this section, with respect to a purchaser of a unit that may be used for residential use, implied warranties of quality:
(1) may be excluded or modified by agreement of the parties; and
(2) are excluded by express disclaimer, such as “as is,” “with all faults,” or other language that implies the exclusion of warranties.
(b) With respect to a purchaser of a unit that may be occupied for residential use, no general disclaimer of implied warranties of quality is effective, but a declarant and any dealer may disclaim liability in an instrument signed by the purchaser for a specified defect or specified failure to comply with applicable law if the defect or failure was a part of the basis of the bargain. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)