Louisiana Revised Statutes 9:1131.19 – Privileges
Terms Used In Louisiana Revised Statutes 9:1131.19
- Developer: means the person, or any successor or assignee of such person, who creates the timeshare plan or who is in the business of making sales of timeshare interests which it owns or purports to own. See Louisiana Revised Statutes 9:1131.2
- 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
- Managing entity: means an entity with the duty to manage and operate the timeshare plan and/or the timeshare property. See Louisiana Revised Statutes 9:1131.2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Owner: means any person who owns or is a co-owner of a timeshare interest. See Louisiana Revised Statutes 9:1131.2
- Purchaser: means any person to whom a timeshare interest is offered or who has contracted to purchase a timeshare interest. See Louisiana Revised Statutes 9:1131.2
- Service of process: The service of writs or summonses to the appropriate party.
- Timeshare expenses: means any expenditures, fees, charges, or other liabilities for which an owner of a timeshare interest is liable as a result of the ownership of the timeshare interest. See Louisiana Revised Statutes 9:1131.2
- Timeshare interest: means an ownership "timeshare interest" a lease timeshare interest, a timeshare estate, and a timeshare use unless expressly provided otherwise and includes any of the following:
(a) A "timeshare estate" which is the right to occupy a timeshare property, coupled with present ownership or some right to future ownership in a timeshare property or a specified portion thereof. See Louisiana Revised Statutes 9:1131.2
- Timeshare property: means one or more timeshare units subject to the same timeshare plan, together with any common elements or any other immovable property, or rights therein, appurtenant to those units. See Louisiana Revised Statutes 9:1131.2
A. In the case of a sale of a timeshare interest in timeshare property in Louisiana when delivery of a public offering statement is required, a developer shall, before transferring a timeshare interest, record, or furnish to the purchaser, releases of all privileges affecting that timeshare interest that the purchaser does not expressly agree to take subject to or assume, or he shall provide a surety bond or substitute collateral.
B. If a privilege other than a mortgage becomes effective against more than one timeshare interest, any owner is entitled to a release of his timeshare interest from the privilege upon payment of his proportionate liability for the privilege in accordance with timeshare expense liability, unless he or his predecessor in interest agreed otherwise with the holder of the privilege. After payment, the managing entity may not assess or have a privilege against that timeshare interest for any portion of the timeshare expenses incurred in connection with that privilege.
C. If a privilege is to be enforced against all timeshare interests in a timeshare property, service of process upon the managing entity, if any, constitutes service thereof upon all the owners for the purposes of foreclosure or enforcement. The managing entity shall forward promptly, by certified or registered mail, a copy thereof to each owner at the last address known to the managing entity. The cost of forwarding must be advanced by the holder of the privilege and may be taxed as a cost of the enforcement proceeding. Such notice does not suffice for the entry of a deficiency or other personal judgment against any owner.
D. A privilege arising from non-payment of taxes may be enforced as provided in Subsection C, despite the fact that it may only attach to a single timeshare interest.
Added by Acts 1983, No. 552, §1; Acts 1985, No. 999, §3.
{{NOTE: SEE ACTS 1985, NO. 999, §5.}}