Nebraska Statutes 76-1703. Time-share estate; status with respect to real property interests
Current as of: 2023 | Check for updates
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(1) A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law or estate for years, if a leasehold, except as expressly modified by the Nebraska Time-Share Act.
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Terms Used In Nebraska Statutes 76-1703
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) A document transferring or encumbering a time-share estate in real property shall not be rejected for recordation because of the nature or duration of the estate or interest.
Source
- Laws 1980, LB 945, § 3;
- Laws 2001, LB 68, § 3.