Title 34, Title 34 Title 34

(a) The court, upon finding as a matter of law that a contract or contract clause was unconscionable at the time the contract was made, may refuse to enforce the contract, enforce the remainder of the contract without the unconscionable clause, or limit the application of any unc…

Every contract or duty governed by this chapter imposes an obligation of good faith in its performance or enforcement.

(a) The remedies provided by this chapter shall be liberally administered to the end that the aggrieved party is put in as good a position as if the other party had fully performed. However, consequential, special, or punitive damages may not be awarded except as specifically pro…

The principles of law and equity, including the law of corporations (and unincorporated associations), the law of real property and the law relative to capacity to contract, principal and agent, eminent domain, estoppel, fraud, misrepresentation, duress, coercion, mistake, receiv…

This chapter shall be the sole law of this state governing the creation and disposition of time shares. In the event of any conflict between this chapter and chapters 36, 36.1 or 38 of this title, the provisions of this chapter prevail, but this chapter does not invalidate or oth…

(a) This chapter applies to all time shares created in units within this state after May 7, 1984. Sections 34-41-1.03 (Status and Taxation of Time-Share Estates), 34-41-1.08 (Supplemental General Principles of Law Applicable), 34-41-1.05 (Unconscionable Agreement or Term of Contr…

If any provision of this chapter or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provisions or application, and to this end the…

(a) If all of the documents constituting the project instrument are recorded after May 7, 1984, time shares may not be created in any unit in a project unless expressly permitted by the project instrument. No amendment to a project instrument which is recorded after May 7, 1984 m…

(a) Except as provided in subsection (b), more than twelve (12) time shares may be created in a single time-share property only by a time-share instrument containing or providing for the following matters: (1) A legally sufficient description of the time-share property and the na…

(a) The time-share instrument must state the amount of or formula used to determine any time-share expense liability allocated to each time share. (b) If the time-share instrument provides for voting, it must allocate votes to each time-share unit and to each time-share estate an…

No action for partition of a time-share unit may be maintained except as permitted by the time-share instrument or by § 34-41-2.05(c)(2).

(a) This section applies to all time-share estates, except it shall apply to time-share licenses only to the extent expressly provided by the time-share instrument. (b) All time-shares in a time-share property may be terminated only as follows: (1) By agreement of the time-share …

A developer may maintain sales offices, management offices, and models in the time-share property only if the time-share instrument so provides and specifies the rights of a developer with regard to the number, size, location, and relocation thereof, and he or she may maintain si…

The time-share instrument may require that all or a specified number or percentage of the mortgagees or beneficiaries of deeds of trust encumbering units or time shares approve specified actions of the unit owners, time-share owners, developer, or managing entity as a condition t…

The managing entity shall maintain records of the names and addresses of the owners of time-share licenses. If the number of licenses in the time-share property is more than twelve (12), no transfer of a time-share license is effective against persons without knowledge thereof un…

(a) If the number of time shares in a time-share property is more than twelve (12), the developer, before the first transfer of a time-share, must create or provide a managing entity to manage the time-share property. The managing entity may be (i) a manager, who may be the devel…

(a) Subject to the provisions of subsection (b) and the time-share instrument, the association, even if unincorporated, may: (1) Adopt and amend bylaws, rules, and regulations; (2) Adopt and amend budgets for revenues, expenditures, and reserves and collect assessments for time-s…

The developer has the duties imposed on the managing entity by this chapter and the powers listed in § 34-41-3.02(a)(1) — (11) until a managing entity is provided or the developer and his or her affiliates own no estate or interest in the time-share property. Thereafter, if there…

(a) For the purposes of this section, “special developer right” means a right reserved for the benefit of a developer to add more units to a time-share property (§ 34-41-2.02(a)(5)); to maintain sales offices, management offices, models, and signs (§ 34-41-2.06); or to appoint, c…

(a) If, before the developer ceases to appoint, control, or serve as the managing entity, there is entered into (i) any management contract, employment contract, or lease of recreational or parking areas or facilities, (ii) any other contract or lease between the managing entity …

Except to the extent otherwise provided by the time-share instrument, the managing entity is responsible for maintenance, repair, and replacement of the time-share units and any personal property available for use by time-share owners in conjunction therewith, other than personal…

(a) A time-share owner is personally liable for his or her own acts and omissions and those of his or her employees and agents other than the managing entity. (b) An action may not be maintained against a time-share owner, nor is a time-share owner precluded from maintaining an a…

(a) Commencing not later than the time a developer offers a time share for sale in a time-share property in which the number of time shares is more than twelve (12), the managing entity shall maintain, to the extent reasonably available and applicable and not otherwise unanimousl…

Unless otherwise provided in the time-share instrument, any surplus funds derived from the time-share owners or from property belonging to them or their association and held by a managing entity remaining after payment of or provision for time-share expenses and any pre-payment o…

(a) Until time-share expense assessments are made against the time-share owners, the developer shall pay all time-share expenses. After any time-share expense assessment has been made against the time-share owners, time-share expense assessments must be made at least annually, ba…

(a) A person who has a duty to make assessments for time-share expenses has a lien on a time share for any assessment levied against that time share or fines imposed against its owner from the time the assessment or fine becomes due. The lien may be foreclosed in like manner as a…

A person who has a duty to make time-share expense assessments shall keep financial records sufficiently detailed to enable him or her to comply with § 34-41-4.07. All financial and other records must be made reasonably available for examination by any time-share owner or his or …

With respect to a third person dealing with a trustee, under § 34-41-2.05 or § 34-41-3.08, the existence of trust powers and their proper exercise by the trustee may be assumed without inquiry. A third person is not bound to inquire whether the trustee has power to act as trustee…

(a) For the purpose of this section and §§ 34-41-3.15, 34-41-3.16, and 34-41-3.17: (1) “Owner” means a person who is an owner or co-owner of a time-share estate or, in the case of a unit that is not a time-share unit, a person who is an owner or co-owner of the unit, other than a…

(a) The owners may amend the project instrument or any unrecorded document governing the project, or approve or disapprove any proposed expenditure, in the manner provided by this section in addition to any manner permitted by other law or by the instrument or document. (b) Any o…

(a) No amendment to the project instrument may be adopted except pursuant to this section or § 34-41-3.15. The project instrument may specify other matters to be determined by referendum of the owners and may permit the managing entity to select matters to be determined in that m…

(a) The owners may discharge the manager with or without cause in the manner provided by this section in addition to any manner permitted by other law or by the project instrument. (b) Any owner may prepare a ballot affording the opportunity to indicate a preference between retai…

(a) This Article applies to all time shares subject to this chapter except as provided in subsection (b). (b) Neither a public offering statement nor the materials required by § 34-41-4.07 (Resale of Time Shares) need be prepared or delivered in the case of: (1) A gratuitous disp…

(a) Except as provided in subsection (b), a developer, prior to the offering of any interest in a unit to the public, shall prepare a public offering statement conforming to the requirements of §§ 34-41-4.03, 34-41-4.04 and 34-41-4.05. (b) A developer may transfer responsibility …

(a) A public offering statement must contain or fully and accurately disclose: (1) The name and principal address of the developer and the location of the time-share property; (2) A general description of the time-share property and the time-share units, including without limitat…

(a) If a conversion building that includes or is to include one or more time-share units is more than ten (10) years old and the developer or any affiliates of the developer own or control more than fifty percent (50%) of all units in the project, the public offering statement mu…

If a time-share is currently registered with the securities and exchange commission of the United States, a developer satisfies all requirements relating to the preparation of a public offering statement of this chapter if he or she delivers to the purchaser (and files with the a…

(a) A purchaser has the right to cancel the contract until midnight of the fifth (5th) business day (specifically excluding therefrom Saturdays, Sundays and legal holidays) following whichever of the following days occurs later: (i) The execution date; or (ii) The day on which th…

(a) Except in the case of a sale where delivery of a public offering statement is required, or unless exempt under § 34-41-4.01(b), a seller of a time share shall furnish to the purchaser before execution of any contract for the sale, or otherwise before the transfer of title, a …

Any deposit made in connection with the purchase or reservation in this state of a time share from a person required to deliver a public offering statement pursuant to § 34-41-4.02(c) must be placed in escrow, either in this state or in the state where the time-share project is l…

(a) In the case of a sale of a time share where delivery of a public offering statement is required pursuant to § 34-41-4.02(c), a seller shall, before transferring a time share, record or furnish to the purchaser releases of all liens affecting that time share which the purchase…

(a) A developer of a time-share property which includes all or any part of a conversion building, and any person in the business of selling real estate for his or her own account who intends to offer time shares in such a property, shall give each of the residential tenants and a…

(a) Express warranties made by any seller to a purchaser of a time share, if relied upon by the purchaser, are created as follows: (1) Any affirmation of fact or promise which relates to the time share, the time-share unit, rights appurtenant to either, area improvements that wou…

(a) A developer and any person in the business of selling real estate for his or her own account warrants that a time-share unit will be in at least as good condition at the earlier of the time of the transfer or of the delivery of possession as it was at the time of contracting,…

(a) Except as limited by subsection (b) with respect to a purchaser of a time share in a time-share unit that may be used as a dwelling or for recreational purposes, implied warranties of quality: (1) May be excluded or modified by agreement of the parties; and (2) Are excluded b…

(a) A judicial proceeding for breach of any obligation arising under § 34-41-4.11 or 34-41-4.12 must be commenced within ten (10) years after the cause of action accrues, but the parties may agree to reduce the period of limitation to not less than five (5) years. With respect to…