State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_47F > GS_47F-3-114

§ 47F‑3‑114. Surplus funds.

Unless otherwise provided inthe declaration, any surplus funds of the association remaining after paymentof or provision for common expenses, the funding of a reasonable operatingexpense surplus, and any prepayment of reserves shall be paid to the lot ownersin proportion to their common expense liabilities or credited to them to reducetheir future common expense assessments. (1998‑199, s. 1.)