Texas Property Code 221.053 – Exchange Company Liability
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Terms Used In Texas Property Code 221.053
- Developer: means :
(A) any person, excluding a sales agent, who creates a timeshare plan or is in the business of selling timeshare interests or employs a sales agent to sell timeshare interests; or
(B) any person who succeeds in the developer's interest by sale, lease, assignment, mortgage, or other transfer if the person:
(i) offers at least 12 timeshare interests in a particular timeshare plan; and
(ii) is in the business of selling timeshare interests or employs a sales agent to sell timeshare interests. See Texas Property Code 221.002 - Exchange company: means any person who owns or operates an exchange program. See Texas Property Code 221.002
- Exchange program: means any method, arrangement, or procedure for the voluntary exchange of timeshare interests among purchasers or owners. See Texas Property Code 221.002
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
Except for written information or audio-visual materials provided to a developer by an exchange company, an exchange company does not incur liability as a result of:
(1) a representation made by a developer that relates to any exchange program or exchange company; or
(2) the use, delivery, or publication by a developer of information that relates to an exchange program or exchange company.