Massachusetts General Laws ch. 183B sec. 36 – Dispositions or offerings for which public offering statement or other materials not required
Section 36. (a) Sections thirty-six to fifty-five, inclusive, shall apply to all time-shares subject to this chapter except as provided in subsection (b).
Terms Used In Massachusetts General Laws ch. 183B sec. 36
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
(b) Neither a public offering statement nor the materials required by section forty-two need be prepared or delivered in the case of:
(1) a gratuitous disposition of a time-share;
(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 that may be cancelled at any time and for any reason by the purchaser without penalty;
(6) a disposition of a time-share in a unit situated wholly outside the commonwealth pursuant to a contract executed wholly outside the commonwealth, if there has been no offering within the commonwealth;
(7) an offering by a developer of time-shares in no more than one time-share unit at any one time; or
(8) A disposition of a time-share property or all time-shares therein to one purchaser.