Part II. DEREGISTRATION
§501-261 Deregistration of fee time share interests. The certificate of title for each fee time share interest shall be canceled effective as of the date and time of deregistration of the fee time share interest. Notwithstanding the provisions of section 501-261 in existence prior to July 1, 2012, a fee time share interest for which a certificate of title was not recorded in the bureau of conveyances pursuant to chapter 502 and part II of this chapter prior to July 1, 2012, shall be deregistered on July 1, 2012, at 12:01 a.m.