Missouri Laws 407.600 – Definitions
As used in sections 407.600 to 407.630, the following terms shall mean:
(1) “Accommodations”, any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, or any other private or commercial structure which is situated on real property and designed for occupancy by one or more individuals, which is made available to the purchasers of a time-share plan;
Terms Used In Missouri Laws 407.600
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Property: includes real and personal property. See Missouri Laws 1.020
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
- Trustee: A person or institution holding and administering property in trust.
(2) “Enrolled”, paid membership in an exchange program or membership in an exchange program evidenced by written acceptance or confirmation of membership;
(3) “Exchange company”, the person operating an exchange program;
(4) “Exchange program”, any opportunity or procedure for the assignment or exchange of time-share periods among purchasers in the same or other time-share plans;
(5) “Facilities”, any structure, service, improvement, campground, recreational vehicle park or real property, improved or unimproved, which is made available to the purchasers of a time-share plan;
(6) “Person”, any natural person or his legal representative, partnership, domestic or foreign corporation, company, trust, business entity or association, and any agent, employee, salesman, partner, officer, director, member, stockholder, associate, trustee or cestui que trust thereof;
(7) “Promotion”, any advertisement, whether by mail, radio, television or personal sales, in which a time-share property is offered for sale by use of a sweepstakes;
(8) “Sweepstakes”, a method of promoting the sale of time-share plans which involves the offering, giving, or awarding of prizes which have odds associated with the actual delivery of the prize or gift;
(9) “Time-share periods”, all periods of time when a purchaser of a time-share plan is entitled to the possession and use of the accommodations or facilities, or both, of a time-share plan regardless of whether such periods are designated as one or more specific days, weeks or months;
(10) “Time-share developments”, a single specific parcel of real property from which only time-share plans are offered for sale or sold;
(11) “Time-share plan”, any arrangement, plan, scheme or similar device, other than an exchange program, whether by membership, agreement, tenancy in common, sale, lease, deed, rental agreement, license, right-to-use agreement or any other means, whereby a purchaser, in exchange for a consideration, receives one or more time-share periods, or any type of interval or joint ownership in, or a right-to-use, any accommodation or facility for a period of time which is less than a full continuous and uninterrupted year during any given year, and which extends for a period of more than three years, as to each individual time-share development subject to the purchase;
(12) “Time-share unit”, an accommodation or facility of a time-share plan which is divided into time-share periods, or is otherwise subject to interval or joint ownership or use by the purchaser of the time-share plans;
(13) “Prize/gift”, any merchandise offered in any time-share promotional device, sweepstakes, drawing or display booth which is used to induce or encourage the attendance of any time-share sales solicitation or presentation.