Terms Used In Texas Property Code Chapter 221 > Subchapter F - Exchange Program

• 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
• in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
• Purchaser: means any person, other than a developer, who by means of a voluntary transfer acquires a legal or equitable interest in a timeshare interest other than as a security for an obligation. See Texas Property Code 221.002
• Timeshare plan: means any arrangement, plan, scheme, or similar method, excluding an exchange program but including a membership agreement, sale, lease, deed, license, or right-to-use agreement, by which a purchaser, in exchange for consideration, receives an ownership right in or the right to use accommodations for a period of time less than a year during a given year, but not necessarily consecutive years. See Texas Property Code 221.002
• Trustee: A person or institution holding and administering property in trust.
• Week: means seven consecutive days. See Texas Government Code 311.005