76-1741. Lienholder; rights.
The lienholder in any time-share program shall have the following rights:
(1) A lienholder shall have his or her lien rights preserved as against any purchaser of time-share intervals claiming that the time-share instrument is invalid, void, or voidable thirty days after written notice by certified mail or personal delivery has been given by the developer to the purchaser. Such notice shall state that developer has assigned the receivables to the lienholder and that purchaser has thirty days within which to object and specify the invalidity or defect contained within such instrument; and
(2) Any purchaser who fails to indicate the invalidity, void, or voidableness as provided in subdivision (1) of this section waives or is estopped to raise the issue in any subsequent action for enforcement of the collection of the receivable by the lienholder.
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