21 Guam Code Ann. § 47101
Terms Used In 21 Guam Code Ann. § 47101
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) Acquisition agent means a person who by means of telephone, mail, advertisement, inducement, solicitation or otherwise attempts directly to encourage any person to attend a sales presentation for a time-share program;
(b) Agency means the Department of Land Management;
(c) Developer means, in the case of any given property, any person or entity which is in the business of creating or which is in the business of selling its own time-share intervals in any time-share program. Developer does not include a person acting solely as a sales agent;
COL120106
21 Guam Code Ann. REAL PROPERTY
CH. 47 TIME-SHARE OWNERSHIP
(d) Development, project or property means all of the real property subject to a project instrument and containing more than one (1) unit;
(e) Exchange agent means a person who exchanges or offers to exchange time-share intervals in an exchange program with other time- share intervals;
(f) Managing agent means a person who undertakes the duties, responsibilities and obligations of the management of a time-sharing program;
(g) Offering means any offer to sell, solicitation, inducement or advertisement whether by radio, television, newspaper, magazine or by mail, whereby a person is given an opportunity to acquire a time-share interval. Any offering of a time-share interval which is not located in this Territory shall not be an offering if such offer states that the time-share program is in compliance with the law of the jurisdiction in which the time- share interval is located;
(h) Person means one (1) or more natural persons, corporations, partnerships, associations, trusts, other entities or any combination thereof;
(i) Project instrument means one (1) or more recordable documents applicable to the whole project by whatever name denominated, containing restrictions or covenants regulating the use, occupancy or disposition of an entire project, including any amendments to the document, but, excluding any law or governmental regulation;
(j) Public offering statement means that statement required by § 47301 of this Chapter;
(k) Purchaser means any person other than a developer or lender who acquires an interest in a time-share interval;
(l) Sales agent means a person who sells or offers to sell time-share intervals in a time-share program to a purchaser;
(m) Time-Share estate means an ownership or leasehold estate in real property devoted to a time-share fee (tenants in common, time-span ownership, interval ownership) and a time-share lease;
(n) Time-share instrument means any document by whatever name denominated, creating or regulating time-share programs, but, excluding any law or governmental regulation;
(o) Time-share interval means a time-share estate or a time-share use;
COL120106
21 Guam Code Ann. REAL PROPERTY
CH. 47 TIME-SHARE OWNERSHIP
(p) Time-share program means any arrangement for time-share intervals whereby the use, occupancy or possession of real property has been made subject to either a time-share estate or time-share use whereby such use, occupancy or possession circulates among purchasers of the time- share intervals according to a fixed or floating time schedule on a periodic basis occurring annually over any period of time in excess of three (3) years in duration;
(q) Time-share project means any real property that is subject to a time-share program;
(r) Time-share use means any contractual right to exclusive occupancy which is not a time-share estate including, without limitation, a vacation license, prepaid hotel reservation, club membership, limited partnership or vacation bond; and
(s) Unit means the real property or real property improvement in a project (which is divided into time-share intervals).