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18-14-602. Protection of purchasers from subsequent underlying lien.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-14-602. Protection of purchasers from subsequent underlying lien.
The developer whose project is subjected to an underlying blanket lien or encumbrance subsequent to the transfer of a time-share interest shall protect nondefaulting purchasers from foreclosure by:
(1) Obtaining from the lienholder a nondisturbance clause, subordination agreement, or partial release of the lien for those time-share interests sold; or
(2) Providing a surety bond or insurance against the lien from a company acceptable to the Arkansas Real Estate Commission.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-14-602
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.
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Record provenance
Stable record: arkansas_code:legal_authorities:18-14-602
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e97dfea9a6bbfe5493ce3639f63ad4bd3e7de01cf82f0602c7b718380eaf0aaf
Source location: content.xml paragraph 3167
Stored source content
18-14-602. Protection of purchasers from subsequent underlying lien.
The developer whose project is subjected to an underlying blanket lien or encumbrance subsequent to the transfer of a time-share interest shall protect nondefaulting purchasers from foreclosure by:
(1) Obtaining from the lienholder a nondisturbance clause, subordination agreement, or partial release of the lien for those time-share interests sold; or
(2) Providing a surety bond or insurance against the lien from a company acceptable to the Arkansas Real Estate Commission.
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