Applicability; Waiver

Applicability; Waiver. (a) This chapter applies to all units subject to this division, except as provided in subsection (b) of this section and 2 CMC § 6413 or as modified or waived by agreement of purchasers of units in a condominium in which all units are restricted to nonresidential use. (b) A public offering statement need not be prepared or delivered in the case of: (1) A gratuitous transfer of a unit; (2) A disposition pursuant to court order; (3) A disposition by a government or governmental agency; (4) A disposition by foreclosure or deed in lieu of foreclosure; (5) A disposition of a condominium situated wholly outside this Commonwealth pursuant to a contract executed wholly outside this Commonwealth; or (6) A transfer to which 2 CMC § 6407 applies. Source: PL 3-86, § 4-101.