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§34-41-4.09  Liens. –

Published: 2015

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Rhode Island Real Estate Time-Share Act

ARTICLE 34-41-4.01

Protection of Purchasers

SECTION 34-41-4.09

   § 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.)