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§ 11A-108.1. Amendment of time-share instruments

West's Annotated Code of MarylandReal Property

West's Annotated Code of Maryland
Real Property (Refs & Annos)
Title 11a. Maryland Real Estate Time-Sharing Act (Refs & Annos)
MD Code, Real Property, § 11A-108.1
§ 11A-108.1. Amendment of time-share instruments
Currentness
Decision by association not to terminate time-shares
(a) An association by a two-thirds majority vote of the members present at any regular or special meeting may amend its time-share instrument to provide that the time-shares in a time-share project will not terminate at the end of the term of the time-share plan as provided in § 11A-108 of this title.
Determinations relating to termination date
(b) In determining that the time-shares will not terminate at the end of the term of the time-share plan, an association may:
(1) Establish a later termination date or decide that there will be no termination date; and
(2) Provide that on or after the original termination date as set forth in the time-share instrument, a time-share owner shall continue to:
(i) Have exclusive rights to use, occupy, sell, convey, assign, mortgage, exchange, or pass by will or inheritance, any time-shares owned by the person;
(ii) Use and enjoy all the common elements of the time-share project; and
(iii) Have the previously existing rights and duties in the association including the right to vote and the duty to pay charges and assessments.
Transfers of time-share
(c) A person to whom a time-share is transferred by sale, conveyance, assignment, mortgage, devise, bequest, or inheritance shall have the rights and duties of the person from whom the time-share was transferred.
Application of section
(d) The provisions of this section apply even if, under the terms of a time-share deed or time-share instrument, the time-share owners have or will become owners as tenants in common of a time-share unit or project.
Express notice to time-share owners
(e) An association may not take an action provided for in subsection (a) of this section unless the notice of the meeting sent to the time-share owners expressly states that the action may be considered at the meeting.

Credits

Added by Acts 2002, c. 62, § 1, eff. Oct. 1, 2002.
MD Code, Real Property, § 11A-108.1, MD REAL PROP § 11A-108.1
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document