§ 34-41-1.11 - Applicability.
SECTION 34-41-1.11
§ 34-41-1.11 Applicability. – (a) This chapter applies to all time shares created in units within this stateafter May 7, 1984. Sections 34-41-1.03 (Status and Taxation of Time-ShareEstates), 34-41-1.08 (Supplemental General Principles of Law Applicable),34-41-1.05 (Unconscionable Agreement or Term of Contract), 34-41-1.06(Obligation of Good Faith), 34-41-1.07 (Remedies to be Liberally Administered),34-41-2.04 (Partition), 34-41-3.02(a)(1) through (9) and (14) through (16) and(b) (Powers of Managing Entity), 34-41-3.07 (Tort and Contract Liability),34-41-3.11 (Lien for Assessments), 34-41-3.13 (Authority of Trustee),34-41-4.09 (Liens), 34-41-4.14 (Statute of Limitation for Warranties), and§ 34-41-1.02 (Definitions) to the extent necessary in construing any ofthose sections, apply to all time shares created in units in this state beforeMay 7, 1984, but only with respect to events and circumstances occurring afterMay 7, 1984. They do not affect the validity of, or rights or obligationscreated by, pre-existing provisions of any time-share instrument, documenttransferring an estate or interest in real property, or contract.
(b) The time-share instrument of any time-share propertycreated before May 7, 1984 may be amended to accomplish any result permitted bythis chapter if the amendment is adopted in conformity with applicable law andwith the procedures and requirements specified by the instrument. If theamendment grants to any person any rights, powers, or privileges permitted bythis chapter, all correlative obligations, liabilities, and restrictions inthis chapter also apply to that person.
(c) This chapter does not apply to time shares in unitslocated outside this state, but the public offering statement provisions(§§ 34-41-4.03 – 34-41-4.06 and 34-41-4.08) apply to alldispositions thereof signed in this state by any party unless exempt under§ 34-41-4.01(b) and the agency regulation provisions under Article V ofthis chapter apply to any offering thereof in this state and the purchaser ofunits located outside of this state shall have the option of requiring theescrow of deposits pursuant to § 34-41-4.08 or may rescind such salescontract pursuant to § 34-41-4.06.