(a) All of the co-owners or the sole owner of a building or property constituted into a horizontal property regime may waive this regime and regroup or merge the records of the individual apartments, or anticipated apartments, with the principal property if the individual apartments are unencumbered or, if encumbered, if the creditors in whose behalf the encumbrances are recorded agree to accept as such security the undivided portions of the property owned by the debtors.(b) The merger provided for in subsection (a) of this section shall in no way bar the subsequent constitution of the property into another horizontal property regime whenever so desired and upon observance of the provisions of this chapter.Acts 1961 (1st Ex. Sess.), No. 60, §§ 12, 13; 1975, No. 731, § 3; A.S.A. 1947, §§ 50-1012, 50-1013.
Arkansas Legal Code