18-14-302. Contents of instruments establishing time-share estates.

Arkansas Code — all titles (historical 2020) · legal_authorities

18-14-302. Contents of instruments establishing time-share estates.

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.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-14-302

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.