For purposes of this chapter, the term “time–share” means the right to use and occupy a living unit, of which the use and occupancy right is divided among persons holding similar interests within that living unit according to a fixed or variable time schedule on a periodic basis and allotted from the use or occupancy into which the time–share project is divided. There is no distinction between a “time–share use” and a “time–share estate.”

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Source: SL 1983, ch 273, § 1.