§ 34-41-1.02 - Definitions.
SECTION 34-41-1.02
§ 34-41-1.02 Definitions. – In any time-share instrument, unless specifically provided otherwise or thecontext otherwise requires, and in this chapter:
(1) "Affiliate of a developer" means any person who controls,is controlled by, or is under common control with a developer. A person"controls" a developer if the person (i) is a general partner, officer,director, or employer of the developer, (ii) directly or indirectly or actingin concert with one or more other persons, or through one or more subsidiaries,owns, controls, holds with power to vote, or holds proxies representing, morethan twenty percent (20%) of the voting interest in the developer, (iii)controls in any manner the election of a majority of the directors of thedeveloper, or (iv) has contributed more than twenty percent (20%) of thecapital of the developer. A person "is controlled by" a developer if thedeveloper (i) is a general partner, officer, director, or employer of theperson, (ii) directly or indirectly or acting in concert with one or more otherpersons, or through one or more subsidiaries, owns, controls, holds with powerto vote, or holds proxies representing, more than twenty percent (20%) of thevoting interest in the person, (iii) controls in any manner the election of amajority of the directors of the person, or (iv) has contributed more thantwenty percent (20%) of the capital of the person. Control does not exist ifthe powers described in this subdivision are held solely as security for anobligation and are not exercised.
(2) "Association" means the association organized under§ 34-41-3.01(a).
(3) "Conversion building" means a building that at any timebefore the disposition of any time share was occupied wholly or partially bypersons other than purchasers and persons who occupied with the consent ofpurchasers.
(4) "Developer" means any person who (i) offers to dispose ofor disposes of his or her interest in a time share not previously disposed of,or (ii) succeeds under § 34-41-3.04 to any special developer right, or(iii) applies for registration of the time share under Article V of thischapter.
(5) "Dispose" or "disposition" means a voluntary transfer ofany legal or equitable interest in a time share, but does not include thetransfer or release of a security interest.
(6) "Manager" means any person, other than all time-shareowners or the association, designated in or employed pursuant to the time-shareinstrument or project instrument to manage the time-share units.
(7) "Managing entity" means the manager or, if there is nomanager, the association.
(8) "Offering" means any advertisement, inducement,solicitation, or attempt to encourage any person to acquire a time share, otherthan as security for an obligation. An advertisement in a newspaper or otherperiodical of general circulation, or in any broadcast medium to the generalpublic, of a time share in a unit not located in this state, is not an offeringif the advertisement states that an offering may be made only in compliancewith the law of the jurisdiction in which the unit or units are located; suchoffering shall contain the following language in bold-faced print "THIS IS NOTAN OFFERING PROTECTED BY THE RHODE ISLAND REAL ESTATE TIME-SHARE ACT;"provided, however, if the subject time-share property is registered pursuant toArticle V of this chapter, such language need not be printed on the offering.
(9) "Person" means a natural person, corporation, government,governmental subdivision or agency, business trust, estate, trust, partnership,association, joint venture, or other legal or commercial entity. (In the caseof a land trust, however, "person" means the beneficiary of the trust ratherthan the trust or the trustee.)
(10) "Project" means real property, subject to a projectinstrument, containing more than one unit. A project may include units that arenot time-share units.
(11) "Project instrument" means one or more recordabledocuments, by whatever name denominated, applying to the whole of a project andcontaining restrictions or covenants regulating the use, occupancy, ordisposition of units in a project, including any amendments to the document butexcluding any law, ordinance, or governmental regulation.
(12) "Purchaser" means any person, other than a developer,who by means of a voluntary transfer acquires a legal or equitable interest ina time share other than as security for an obligation.
(13) "Time share" means a time-share estate or a time-sharelicense.
(14) "Time share estate" means a right to occupy a unit orany of several units during five (5) or more separated time periods over aperiod of at least five (5) years, including renewal options, coupled with afreehold estate or an estate for years in a time-share property or a specifiedportion thereof.
(15) "Time-share expenses" means expenditures, fees, charges,or liabilities (i) incurred with respect to the time shares by or on behalf ofall time-share owners in one time-share property, and (ii) imposed on thetime-share units by the entity governing a project of which the time-shareproperty is a part, together with any allocations to reserves, but excludingpurchase money payable for time shares.
(16) "Time-share instrument" means one or more documents, bywhatever name denominated, creating or regulating time shares.
(17) "Time-share liability" means the liability fortime-share expenses allocated to each time share pursuant to §34-41-2.02(a)(4).
(18) "Time-share license" means a right to occupy a unit orany of several units during five (5) or more separated time periods over aperiod of at least five (5) years, including renewal options, not coupled witha freehold estate or an estate for years.
(19) "Time-share owner" means a person who is an owner orco-owner of a time share other than as security for an obligation.
(20) "Time-share property" means one or more time-share unitssubject to the same time-share instrument, together with any other real estateor rights therein appurtenant to those units.
(21) "Time-share unit" means a unit in which time sharesexist.
(22) "Unit" means real property, or a portion thereof,designated for separate use.
(23) "Venue and jurisdiction" means that jurisdiction isconferred on the superior court and the general rules of venue are unaffectedby this chapter.