Condo Owner Windfall of Over $500,000? Court Says “Not So Fast” (MO)

The Missouri Court of Appeals ruled in a recent case that the unit owners of a condominium building were not entitled to excess insurance proceeds remaining after their building was reconstructed. One of multiple buildings making up The Willows on the Lake Condominiums suffered complete destruction by fire in May of 2011. Insurance proceeds were approximately $550,000 in excess of the cost of reconstruction. The owners of nine (9) units in the destroyed building sought a declaratory judgment that they were entitled to the excess proceeds as well as other equitable relief.   Read the article…………