Iowa Code 557A.2 – Definitions
Current as of: 2023 | Check for updates | Other versions
In this chapter, unless the context requires otherwise:
1. “Association” means all of the time-share interval owners of a time-share project acting as a group, either through a nonstock nonprofit corporation or an unincorporated association, in accordance with its bylaws governing administration of the project.
Terms Used In Iowa Code 557A.2
- 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.
- 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: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- Purchaser: means a person who enters into a membership camping contract with a membership camping operator and obtains the right to use the campground owned or operated by the membership camping operator. See Iowa Code 557B.1
- real property: include lands, tenements, hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Iowa Code 4.1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. “Commission” means the real estate commission.
3. “Common expense” means all sums lawfully assessed against an owner of a time-share interval by an association for the expenses of operating and maintaining the time-share project and for other expenses designated by the project instruments.
4. “Developer” means a person who is in the business of creating or selling time-share intervals in a time-share program. This definition does not include a person acting solely as a sales agent.
5. “Exchange agent” means a person who negotiates and arranges the exchange of time-share intervals for their owners in an exchange program involving other time-share intervals.
6. “Managing agent” means a person who undertakes the duties and responsibilities of the management of a time-share project.
7. “Project instrument” means a recordable document applicable to an entire time-share project, containing restrictions or covenants regulating the use, occupancy, or disposition of the entire project and including amendments to the document.
8. “Property report” means a written statement provided to the initial purchaser of a time-share interval containing the information required in sections 557A.11 and 557A.12.
9. “Purchaser” means a person other than a developer or lender who acquires an interest in a time-share interval.
10. “Time-share estate” means an ownership or leasehold estate in property devoted to a time-share fee or a time-share lease.
11. “Time-share instrument” means a document by whatever name denominated creating or regulating time-share programs, but excluding any law, ordinance, or government regulation.
12. “Time-share interval” means a time-share estate or a time-share use.
13. “Time-share program” means an arrangement for time-share intervals in a time-share project in which the use, occupancy or possession of real property circulates among purchasers of the time-share intervals according to a fixed or floating time schedule on a periodic basis occurring over a period of time.
14. “Time-share project” means the entire real property that is subject to a time-share program.
15. “Time-share use” means a contractual right of exclusive occupancy which does not fall within the definition of a time-share estate including, but is not limited to, a vacation license, prepaid hotel reservation, club membership, limited partnership or vacation bond.
16. “Unit” means the real property or the real property improvement in a time-share project which is divided into time-share intervals.