Florida Statutes 721.81 – Legislative purpose
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Terms Used In Florida Statutes 721.81
- Amounts secured by the lien: means all amounts secured by an assessment lien or mortgage lien, including, but not limited to, all past due amounts, accrued interest, late fees, taxes, advances for the payment of taxes, insurance and maintenance of the timeshare interest, and any fees or costs incurred by the lienholder or trustee, including any reasonable attorney's fees, trustee's fees, and costs incurred in connection with the default. See Florida Statutes 721.82
- Applicable law: means the law of the jurisdiction where the accommodations and facilities referred to are located. See Florida Statutes 721.52
- Assessment: means the share of funds required for the payment of common expenses which is assessed from time to time against each purchaser by the managing entity. See Florida Statutes 721.05
- Dependent: A person dependent for support upon another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage lien: means a security interest in a timeshare interest created by a mortgage encumbering the timeshare interest. See Florida Statutes 721.82
- Timeshare interest: means a timeshare estate, a personal property timeshare interest, or a timeshare license. See Florida Statutes 721.05
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means an attorney who is a member in good standing of The Florida Bar and who has been practicing law for at least 5 years or that attorney's law firm, or a title insurer authorized to transact business in this state under…. See Florida Statutes 721.82
The purposes of this part are to:
(1) Recognize that timeshare interests are used for vacation experience rather than for homestead or investment purposes and that there are numerous timeshare interests in this state.
(2) Recognize that the economic health and efficient operation of the vacation ownership industry are in part dependent upon the availability of an efficient and economical process for all timeshare interest foreclosures.
(3) Recognize the need to assist both owners’ associations and mortgagees by simplifying and expediting the process for the judicial and trustee foreclosure of assessment liens and mortgage liens against timeshare interests.
(4) Improve judicial economy and reduce court congestion and the cost to taxpayers by establishing streamlined procedures for the judicial and trustee foreclosure of assessment liens and mortgage liens against timeshare interests.
(5) Recognize that nearly all timeshare interest foreclosures are uncontested.
(6) Protect the ability of consumers who own timeshare interests located in this state to choose a judicial proceeding for the foreclosure of an assessment lien or a mortgage lien against their timeshare interest.
(7) Recognize that the use of the trustee foreclosure procedure established under ss. 721.855 and 721.856 shall have the same force and effect as the use of the judicial foreclosure procedure against a timeshare interest with respect to the provisions of this chapter or any other applicable law. However, obligors shall not be subject to a deficiency judgment even if the proceeds from the sale of the timeshare interest are insufficient to offset the amounts secured by the lien.