§ 11A-123

Persons engaged in the following transactions involving time–shares are not required to register with the Commission, to prepare a public offering statement, or to deliver documents described in § 11A–115 of this title:

(1) A gratuitous disposition;

(2) A disposition pursuant to court order;

(3) A disposition by a government or governmental agency;

(4) A disposition by foreclosure or deed in lieu of foreclosure or by enforcement of a lien or security interest;

(5) A disposition that may be canceled at any time and for any reason by the purchaser without penalty;

(6) A disposition of a time–share in a unit situated wholly outside this State pursuant to a contract executed and negotiated wholly outside this State; or

(7) A disposition of a time–share project or all time–shares therein to one purchaser.