§ 32-32-3-5 — Requirements of membership agreement

Indiana § 32-32-3-5

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 32: TIME SHARES AND CAMPING CLUBS

Text

A time share project and camping club project
must be created by a time share instrument or camping club
membership agreement. The membership agreement must include the
following provisions:
(1) A legal description of the time share project or camping club
project that transfers an interest in real property.
(2) The name and location of the time share project or camping
club project.
(3) A system of identification of the time periods assigned to time
shares by letter, name, number, or any combination of letters,
names, or numbers.
(4) Provisions for assessment of the expenses of the time share
project or camping club project and an allocation of those
expenses among the time share participants or camping club
members.
(5) A procedure to add units to the time share project or camping
club project.
(6) Provisions for maintenance of the time share units or camp
sites.
(7) Provisions for management of the time share project or
camping club project.
(8) A procedure to amend the time share instrument or the
camping club membership agreement.
(9) A description of the rights of the purchaser relating to the
occupancy of the time share unit or camping site.
[Pre-2002 Recodification Citation: 24-5-9-26.]

Legislative History

As added by P.L.2-2002, SEC.17.