§ 34-41-2.01. Time shares in projects. (a) If all of the documents constituting the project instrument are recorded after May 7, 1984, time shares may not be created in any unit in a project unless expressly permitted by the project instrument. No amendment to a project instrument which is recorded after May 7, 1984 may […]
§ 34-41-2.02. Time-share instrument. (a) Except as provided in subsection (b), more than twelve (12) time shares may be created in a single time-share property only by a time-share instrument containing or providing for the following matters: (1) A legally sufficient description of the time-share property and the name or other identification of the project, […]
§ 34-41-2.03. Allocation of time-share expense liability and voting rights. (a) The time-share instrument must state the amount of or formula used to determine any time-share expense liability allocated to each time share. (b) If the time-share instrument provides for voting, it must allocate votes to each time-share unit and to each time-share estate and […]
§ 34-41-2.04. Partition. No action for partition of a time-share unit may be maintained except as permitted by the time-share instrument or by § 34-41-2.05(c)(2). History of Section.P.L. 1984, ch. 141, § 2.
§ 34-41-2.05. Termination of time-shares. (a) This section applies to all time-share estates, except it shall apply to time-share licenses only to the extent expressly provided by the time-share instrument. (b) All time-shares in a time-share property may be terminated only as follows: (1) By agreement of the time-share owners having at least sixty percent […]
§ 34-41-2.06. Use for sales purposes. A developer may maintain sales offices, management offices, and models in the time-share property only if the time-share instrument so provides and specifies the rights of a developer with regard to the number, size, location, and relocation thereof, and he or she may maintain signs on the property advertising […]
§ 34-41-2.07. Rights of secured lenders. The time-share instrument may require that all or a specified number or percentage of the mortgagees or beneficiaries of deeds of trust encumbering units or time shares approve specified actions of the unit owners, time-share owners, developer, or managing entity as a condition to the effectiveness of those actions, […]
§ 34-41-2.08. Transfer of time-share licenses. The managing entity shall maintain records of the names and addresses of the owners of time-share licenses. If the number of licenses in the time-share property is more than twelve (12), no transfer of a time-share license is effective against persons without knowledge thereof unless and until entered in […]
