(a) In the case of a time share use plan, the trust for the time share units shall be irrevocable during the time that any owner of a time share interest has a right to the occupancy of a time share unit, except as provided in subsection (c).
contract signature

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Terms Used In Hawaii Revised Statutes 514E-26

  • Developer: means any person that creates a time sharing plan or is in the business of selling time share units. See Hawaii Revised Statutes 514E-1
  • Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 514E-1
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Notice of time share plan: means an instrument executed by the holder of the legal and equitable title to the fee or long-term leasehold interest in a time share unit, and which provides notice of the existence of the time share plan and of rights of owners. See Hawaii Revised Statutes 514E-1
  • Owner: means any person who owns a time share interest; provided, however, that to the extent and for such purposes as are provided in any agreement of sale, the vendee under such agreement of sale shall be considered the owner of the time share interest. See Hawaii Revised Statutes 514E-1
  • Time share interest: means any interest in a time share unit or plan which entitles the owner or holder thereof to the use, occupancy or possession of a time share unit on a periodically recurring basis. See Hawaii Revised Statutes 514E-1
  • Time share ownership plan: means any arrangement whether by tenancy in common, sale, deed or by other means, whereby the purchaser receives an ownership interest and the right to use the property for a specific or discernible period by temporal division. See Hawaii Revised Statutes 514E-1
  • Time share unit: means the actual and promised accommodations, and related facilities, which are the subject of a time share plan. See Hawaii Revised Statutes 514E-1
  • Time share use plan: means any arrangement, excluding normal hotel operations, whether by membership agreement, lease, rental agreement, license, use agreement, security or other means, whereby the purchaser receives a right to use accommodations or facilities, or both, in a time share unit for a specific or discernible period by temporal division, but does not receive an ownership interest. See Hawaii Revised Statutes 514E-1
  • Trustee: A person or institution holding and administering property in trust.
(b) In a time share ownership plan, the trust for a time share unit shall be irrevocable until all blanket liens are extinguished, except as provided in subsection (c).
(c) The developer may elect to terminate the use of a trust for a time share unit if, at a later date[:]

(1) The trustee records a notice of time share plan after the recording of either:

(A) Nondisturbance agreements executed by every lienholder who has a blanket lien against the time share unit, or
(B) The director‘s acceptance of a surety bond or irrevocable letter of credit for that unit; or
(2) The director approves alternative arrangements [that] permit the termination of the trust.
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