§ 66-32-106 — Instruments for time-share estates

Project instruments and time-share instruments creating time-share estates must contain the following: (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, where applicable, the method whereby additional time-share estates may be created; (5) The formula, fraction or percentage, of the common expenses and any voting rights assigned to each time-share estate and, where applicable, to each unit in a project that is not subject to the time-share program; (6) Any restrictions on the use, occupancy, alteration or alienation of time-share intervals; (7) The ownership interest, if any, in personal property and provisions for the care, maintenance and replacement of the commonly owned capital improvements and the commonly owned personal property belonging to the time-share estates. Specifically, an escrow or reserve account shall be established for the repair, replacement and maintenance of capital improvements and personal property; and (8) Any other matters the developer deems appropriate.

Legislative History

Acts 1981, ch. 372, § 7; T.C.A., § 64-3207; Acts 1989, ch. 65, § 1.