(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 a time-share unit that may be used as a dwelling or for recreational purposes, an agreement to reduce the period of limitation must be evidenced by a separate instrument executed by the purchaser.

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(b)  Subject to subsection (c), a cause of action for breach of warranty of quality, regardless of the purchaser’s lack of knowledge of the breach accrues, unless extended by agreement:

(1)  As to a unit, at the time of the first transfer of a time share therein by the seller to a bona fide purchaser; and

(2)  As to other improvements, at the time each is completed.

(c)  If a warranty of quality explicitly extends to future performance or duration of any improvement or component of the property, the cause of action accrues at the time the breach is discovered or at the end of the period for which the warranty explicitly extends, whichever is earlier.