(1) A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law or estate for years, if a leasehold, except as expressly modified by the Nebraska Time-Share Act.

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Terms Used In Nebraska Statutes 76-1703

  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(2) A document transferring or encumbering a time-share estate in real property shall not be rejected for recordation because of the nature or duration of the estate or interest.

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