Protection of purchasers from subsequent underlying lien
Known as the Arkansas Time-Share Act
The act spans §§ 18-14-101 to 18-14-703 (43 sections).
Acts 1983, No. 294, Art. 5, § 5-102; A.S.A. 1947, § 50-1333; Acts 2013, No. 710, § 6.
The developer whose project is subjected to an underlying blanket lien or encumbrance subsequent to the transfer of a time-share interest shall protect nondefaulting purchasers from foreclosure by:
(1) Obtaining from the lienholder a nondisturbance clause, subordination agreement, or partial release of the lien for those time-share interests sold; or
(2) Providing a surety bond or insurance against the lien from a company acceptable to the Arkansas Real Estate Commission.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.