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 must be paid to the units’ owners in proportion to their liabilities for common expenses or credited to them to reduce their future assessments for common expenses.
NRS 116.3114
Surplus funds
Known as the Uniform Common-Interest Ownership Act
The act spans §§ 116–116 (235 sections).
(Added to NRS by 1991, 567)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.