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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.
Cite this article: FindLaw.com - Arkansas Code Title 18. Property § 18-14-602. Protection of purchasers from subsequent underlying lien - last updated January 01, 2020 | https://codes.findlaw.com/ar/title-18-property/ar-code-sect-18-14-602/
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