§ 47C‑3‑117. Other liens affecting the condominium.
(a) A judgment for money against the association is not a lienon the common elements, but if docketed is a lien in favor of the judgmentlienholder against all of the units in the condominium at the time the judgmentwas entered. No other property of a unit owner is subject to the claims ofcreditors of the association.
(b) Notwithstanding the provisions of subsection (a), if theassociation has granted a security interest in the common elements to a creditorof the association pursuant to G.S. 47C‑3‑112, the holder of thatsecurity interest must exercise its right against the common elements beforeits judgment lien on any unit may be enforced.
(c) Whether perfected before or after the creation of the condominium,if a lien other than a deed of trust or mortgage, including a judgment lien orlien attributable to work performed or materials supplied before creation ofthe condominium, becomes effective against two or more units, the unit owner ofan affected unit may pay the lienholder the amount of the lien attributable tohis unit, and the lienholder, upon receipt of payment, promptly shall deliver arelease of the lien covering that unit. The amount of the payment must beproportionate to the ratio which that unit owner's common expense liabilitybears to the common expense liabilities of all unit owners whose units aresubject to the lien. After payment, the association may not assess or have alien against that unit owner's unit for any portion of the common expensesincurred in connection with that lien.
(d) A judgment against the association shall be indexed in thename of the condominium and the association and, if so indexed, is notice ofthe lien against the units. (1985 (Reg. Sess., 1986), c. 877, s. 1.)
§ 47C‑3‑117. Other liens affecting the condominium.
(a) A judgment for money against the association is not a lienon the common elements, but if docketed is a lien in favor of the judgmentlienholder against all of the units in the condominium at the time the judgmentwas entered. No other property of a unit owner is subject to the claims ofcreditors of the association.
(b) Notwithstanding the provisions of subsection (a), if theassociation has granted a security interest in the common elements to a creditorof the association pursuant to G.S. 47C‑3‑112, the holder of thatsecurity interest must exercise its right against the common elements beforeits judgment lien on any unit may be enforced.
(c) Whether perfected before or after the creation of the condominium,if a lien other than a deed of trust or mortgage, including a judgment lien orlien attributable to work performed or materials supplied before creation ofthe condominium, becomes effective against two or more units, the unit owner ofan affected unit may pay the lienholder the amount of the lien attributable tohis unit, and the lienholder, upon receipt of payment, promptly shall deliver arelease of the lien covering that unit. The amount of the payment must beproportionate to the ratio which that unit owner's common expense liabilitybears to the common expense liabilities of all unit owners whose units aresubject to the lien. After payment, the association may not assess or have alien against that unit owner's unit for any portion of the common expensesincurred in connection with that lien.
(d) A judgment against the association shall be indexed in thename of the condominium and the association and, if so indexed, is notice ofthe lien against the units. (1985 (Reg. Sess., 1986), c. 877, s. 1.)
§ 47C‑3‑117. Other liens affecting the condominium.
(a) A judgment for money against the association is not a lienon the common elements, but if docketed is a lien in favor of the judgmentlienholder against all of the units in the condominium at the time the judgmentwas entered. No other property of a unit owner is subject to the claims ofcreditors of the association.
(b) Notwithstanding the provisions of subsection (a), if theassociation has granted a security interest in the common elements to a creditorof the association pursuant to G.S. 47C‑3‑112, the holder of thatsecurity interest must exercise its right against the common elements beforeits judgment lien on any unit may be enforced.
(c) Whether perfected before or after the creation of the condominium,if a lien other than a deed of trust or mortgage, including a judgment lien orlien attributable to work performed or materials supplied before creation ofthe condominium, becomes effective against two or more units, the unit owner ofan affected unit may pay the lienholder the amount of the lien attributable tohis unit, and the lienholder, upon receipt of payment, promptly shall deliver arelease of the lien covering that unit. The amount of the payment must beproportionate to the ratio which that unit owner's common expense liabilitybears to the common expense liabilities of all unit owners whose units aresubject to the lien. After payment, the association may not assess or have alien against that unit owner's unit for any portion of the common expensesincurred in connection with that lien.
(d) A judgment against the association shall be indexed in thename of the condominium and the association and, if so indexed, is notice ofthe lien against the units. (1985 (Reg. Sess., 1986), c. 877, s. 1.)
