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Current as of January 01, 2022 | Updated by FindLaw Staff
(a) Except as provided in subsection (b), more than twelve (12) time shares may be created in a single time-share property only by a time-share instrument containing or providing for the following matters:
(1) A legally sufficient description of the time-share property and the name or other identification of the project, if any, within which it is situated;
(2) The name of the municipalities in which the time-share property is situated;
(3) Identification of time periods by letter, name, number or combination thereof;
(4) The time-share expense liability and any voting rights assigned to each time share;
(5) If additional units may become part of the time-share property, the method of doing so and the formula for allocation and reallocation of the time-share expense liabilities and any votes;
(6) The method of designating the insurance trustee required under § 34-41-3.08;
(7) Allocation of time for maintenance of the time-share units;
(8) Provisions for management by a managing entity or by the time-share owners;
(9) If all of the time shares are time-share licenses, the rights a licensee shall have, if his or her license is terminated, with respect to any of the property his or her license affects, or a statement that he or she shall not have any rights; and
(10) Any requirements for amendments of the time-share instrument.
(b) If a time-share license applies to units in more than one time-share property, the time-share instrument creating the license need not contain or provide for the matters specified in subdivisions (1)-(7) of subsection (a).
Cite this article: FindLaw.com - Rhode Island General Laws Title 34. Property § 34-41-2.02. Time-share instrument - last updated January 01, 2022 | https://codes.findlaw.com/ri/title-34-property/ri-gen-laws-sect-34-41-2-02/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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