Timeshare Lien Foreclosure Act

The act governs the foreclosure of mortgages and assessment liens encumbering timeshare interests, authorizing a trustee to exercise a power of sale as an alternative to conventional foreclosure proceedings. It establishes who may serve as trustee and how a successor is substituted, the recorded lien-foreclosure statement and other conditions that must be met before a sale, the notice owed to the defaulting obligor and the published notice of sale, and the obligor's right to cure the default beforehand. It then prescribes the public sale itself and the instruments that follow it — a certificate of compliance, a certificate of sale, and a trustee's deed — together with the sale's effect on the rights of interested parties, release of the extinguished lien, distribution of proceeds and payment of costs, the lienholder's ability to seek a deficiency judgment, and the preservation of other foreclosure remedies.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.