Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses, the funding of a reasonable operating expense surplus, and any prepayment of reserves shall be paid to the lot owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments.
N.C. Gen. Stat. § 47F-3-114
Surplus funds
Applied in 1 court decision — leading case 215 N.C. App. 96 - Happ v. CREEK POINTE HOMEOWNER'S ASS'N (2011)
Most recently applied in 215 N.C. App. 96 - Happ v. CREEK POINTE HOMEOWNER'S ASS'N (August 2011)
1998-199, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.