§ 34-41-4.09 - Liens.
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 offeringstatement is required pursuant to § 34-41-4.02(c), a seller shall, beforetransferring a time share, record or furnish to the purchaser releases of allliens affecting that time share which the purchaser does not expressly agree totake subject to or assume, or shall provide a surety bond or substantiatecollateral for or insurance against the lien as provided for liens on realestate in this title.
(b) If a lien other than a deed of trust or mortgage becomeseffective against more than one time-share estate, any time-share owner isentitled to a release of his or her time-share estate from the lien uponpayment of his or her proportionate liability for the lien in accordance withtime-share expense liability unless he or she or his or her predecessor ininterest agreed otherwise with the lienor. After payment, the managing entitymay not assess or have a lien against that time-share estate for any portion ofthe time-share expenses incurred in connection with that lien.
(c) If a lien is to be foreclosed or enforced against alltime shares in a time-share property, service of notice pursuant to §34-27-4 upon the managing entity, if any, constitutes service thereof upon allthe time-share owners for the purposes of foreclosure or enforcement. Thelienholder shall also forward promptly, by certified or registered mail, a copythereof to each time-share owner at his or her last known address. The noticedoes not suffice for the entry of a deficiency or other personal judgmentagainst any time-share owner.