§ 34-41-4.09. Liens. (a) In the case of a sale of a time share where delivery of a public offering statement is required pursuant to § 34-41-4.02(c), a seller shall, before transferring a time share, record or furnish to the purchaser releases of all liens affecting that time share which the purchaser does not expressly agree to take subject to or assume, or shall provide a surety bond or substantiate collateral for or insurance against the lien as provided for liens on real estate in this title.
(b) If a lien other than a deed of trust or mortgage becomes effective against more than one time-share estate, any time-share owner is entitled to a release of his or her time-share estate from the lien upon payment of his or her proportionate liability for the lien in accordance with time-share expense liability unless he or she or his or her predecessor in interest agreed otherwise with the lienor. After payment, the managing entity may not assess or have a lien against that time-share estate for any portion of the time-share expenses incurred in connection with that lien.
(c) If a lien is to be foreclosed or enforced against all time shares in a time-share property, service of notice pursuant to § 34-27-4 upon the managing entity, if any, constitutes service thereof upon all the time-share owners for the purposes of foreclosure or enforcement. The lienholder shall also forward promptly, by certified or registered mail, a copy thereof to each time-share owner at his or her last known address. The notice does not suffice for the entry of a deficiency or other personal judgment against any time-share owner.
History of Section. (P.L. 1984, ch. 141, § 2.)
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