1. A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law or an estate for years if a leasehold, except as expressly modified by this chapter.
2. A document transferring or encumbering a time-share estate shall not be rejected for recordation because of the nature or duration of the estate.
3. For purposes of title, each time-share estate constitutes a separate estate or interest in property except for real property tax purposes.
85 Acts, ch 155, §5