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Arkansas Code Title 18. Property § 18-14-302. Contents of instruments establishing time-share estates

Current as of March 28, 2024 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Arkansas Code Title 18. Property § 18-14-302. Contents of instruments establishing time-share estates - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-18-property/ar-code-sect-18-14-302/

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