Current as of: 2009 (a) Except as provided in subsection (b), more than twelve (12) time shares may be created in a single time-share property only by a time-share instrument containing or providing for the following matters: (1) A legally sufficient description of the time-share property and the name or other identification of the project, if any, within which it is situated; (2) The name of the municipalities in which the time-share property is situated; (3) Identification of time periods by letter, name, number or combination thereof; (4) The time-share expense liability and any voting rights assigned to each time share; (5) If additional units may become part of the time-share property, the method of doing so and the formula for allocation and reallocation of the time-share expense liabilities and any votes; (6) The method of designating the insurance trustee required under § 34-41-3.08; (7) Allocation of time for maintenance of the time-share units; (8) Provisions for management by a managing entity or by the time-share owners; (9) If all of the time shares are time-share licenses, the rights a licensee shall have, if his or her license is terminated, with respect to any of the property his or her license affects, or a statement that he or she shall not have any rights; and (10) Any requirements for amendments of the time-share instrument. (b) If a time-share license applies to units in more than one time-share property, the time-share instrument creating the license need not contain or provide for the matters specified in subdivisions (1) – (7) of subsection (a). ________________________________________________________________________
Questions & Answers: Time-SharesSee also:
 |
Email
Print