§ 44-3-188. Developer’s Financial Records; Availability; Periodic Reports; Transfer of Developer’s Interest Subject to Debts
In the developer’s financing of a time-share program, the developer shall retain financial records of the schedule of payments required to be made and the payments made to any person or entity which is the holder of an underlying blanket mortgage, deed of trust, contract of sale, or other lien or encumbrance which is not […]
§ 44-3-189. Protection of Purchasers From Developer’s Underlying Blanket Encumbrance
The developer whose project is subject to an underlying blanket lien or encumbrance shall protect nondefaulting purchasers from foreclosure by the lienholder by obtaining from the lienholder a nondisturbance clause, subordination agreements, partial release of the lien as the time-share intervals are sold, or an agreement in writing that the lienholder will purchase nondefaulting purchasers’ […]