§ 18-14-302 — Contents of instruments establishing time-share estates

A project and time-share instrument that establishes a time-share estate located or offered in this state shall contain: (1) The name of the county in which the property is situated; (2) The legal description, street address, or other description sufficient to identify the property; (3) Identification of time periods by letter, name, number, or combination thereof; (4) Identification of time-share estates and, when applicable, the method by which additional time-share estates may be established; (5) The formula, fraction, or percentage of the common expenses and any voting rights assigned to each time-share estate and, when applicable, to each accommodation in a project that is not subject to the time-share plan; (6) Restrictions on the use, occupancy, alteration, or alienation of time-share interests; (7) The ownership interest, if any, in personal property and for care and replacement; (8) Any other matters the developer considers appropriate; and (9) (A) Provisions concerning the establishment of a lien against an owner's time-share interest in favor of the association of time-share estate owners to secure payment of common expenses. (B) This lien when provided for in the time-share instrument is enforceable and foreclosable in the way other statutory liens are enforceable and foreclosable under the laws of this state.

Legislative History

Amended by Act 2013, No. 710,§ 3, eff. 8/16/2013. Acts 1983, No. 294, Art. 2, § 2-102; A.S.A. 1947, § 50-1309.