TITLE 34
Property
CHAPTER 34-41
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.)
