§ 34-41-2.07 - Rights of secured lenders.
SECTION 34-41-2.07
§ 34-41-2.07 Rights of secured lenders.– The time-share instrument may require that all or a specified number orpercentage of the mortgagees or beneficiaries of deeds of trust encumberingunits or time shares approve specified actions of the unit owners, time-shareowners, developer, or managing entity as a condition to the effectiveness ofthose actions, but no requirement for approval may operate to (i) deny ordelegate control over the general administrative affairs of any association bythe unit owners, time-share owners, or both, or their elected representativesor (ii) prevent any association from commencing, intervening in, or settlingany litigation or proceeding, or receiving and distributing any insuranceproceeds pursuant to § 34-41-3.08.