“Vacation club interest” means and includes the following interests in a vacation club:
(1) A “specific time-share interest,” which is a right to use a specific accommodation or accommodations, and facilities at one (1) component site of a vacation club, for the remaining term of the vacation club in the event that the reservation system is terminated for any reason prior to the expiration of the term of the vacation club, together with use rights in the other accommodations and facilities of the vacation club created by or acquired through the reservation system; provided, that there is a one-to-one purchaser to accommodation ratio for each time-share interval, which entitles a particular owner who complies fully with the reservation system’s rules and regulations to reserve, use and occupy a protected accommodation of the vacation club completely independent of any other owner’s failure for reason to reserve, use, or occupy an accommodation of the vacation club; and
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Terms Used In Tennessee Code 66-32-205
Component site: means a specific geographic site at which certain time-share accommodations and facilities are located. See Tennessee Code 66-32-102
Purchaser: means any person other than a developer or lender who acquires an interest in a time-share interval. See Tennessee Code 66-32-102
Reservation system: means the method, arrangement, or procedure by which the owners of vacation club interests are required to compete with other owners of vacation club interests in the same vacation club in order to reserve the use and occupancy of an accommodation of the vacation club for one or more use periods, regardless of whether such reservation system is operated and maintained by the vacation club managing entity, an exchange company, or any other person. See Tennessee Code 66-32-102
Time-share interval: means a time-share estate or a time-share use. See Tennessee Code 66-32-102
Vacation club: means any system or program with respect to which a purchaser obtains, by any means, a recurring right to use and occupy accommodations and facilities, if any, in more than one (1) component site through the mandatory use of a reservation system, whether or not the purchaser's use and occupancy right is coupled with an interest in real property. See Tennessee Code 66-32-102
(2) A “nonspecific time-share interest,” which is a right to use all of the accommodations and facilities of a vacation club created by or acquired through the reservation system, but including no specific right to use any particular accommodations or facilities for the remaining term of the vacation club in the event that the reservation system is terminated for any reason prior to the expiration of the term of the vacation club; provided, that there is a one-to-one purchaser to accommodation ratio for each time-share interval, which entitles a particular owner who complies fully with the reservation system’s rules and regulations to reserve, use and occupy a protected accommodation of the vacation club completely independent of any other owner’s failure for reason to reserve, use, or occupy an accommodation of the vacation club.
