New Jersey § 46:8a-24
Full text of New Jersey New Jersey Statutes § 46:8a-24, with citation guidance and answers to common questions.
§ 46:8a-24.
In case of fire or any other disaster the insurance indemnity shall, except as provided
in the next succeeding paragraph of this section, be applied to reconstruct the building. Reconstruction shall not be compulsory where it comprises the whole or more than 2 / 3 of the building. In such case, and unless otherwise unanimously agreed upon by the co-owners, the
indemnity shall be delivered pro rata to the co-owners entitled to it in accordance
with provision made in the by-laws or in accordance with a decision of 3 / 4 of the co-owners if there is no by-law provision. Should it be proper to proceed with the reconstruction, the provisions for such eventuality
made in the by-laws shall be observed, or in lieu thereof, the decision of the council
of co-owners shall prevail.
Frequently Asked Questions About New Jersey § 46:8a-24
What does New Jersey Statutes § 46:8a-24 cover?
Section 46:8a-24 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 46:8a-24?
A common citation format is "New Jersey Statutes § 46:8a-24" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 46:8a-24 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.