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N.Y. Real Prop. Acts. Law § 339-t

Withdrawal from provisions of this article

2014-09-22

§ 339-t. Withdrawal from provisions of this article. If withdrawal of\nthe property from this article is authorized by at least eighty per cent\nin number and in common interest of the units, or by at least such\nlarger percentage either in number or in common interest, or in both\nnumber and common interest, as may be specified in the by-laws, then the\nproperty shall be subject to an action for partition by any unit owner\nor lienor as if owned in common, in which event the net proceeds of sale\nshall be divided among all the unit owners in proportion to their\nrespective common interests, provided, however, that no payment shall be\nmade to a unit owner until there has first been paid off out of his\nshare of such net proceeds all liens on his unit. Such withdrawal of\nthe property from this article shall not bar its subsequent submission\nto the provisions of this article in accordance with the terms of this\narticle.\n

Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.