Louisiana Revised Statutes 9:1131.11 – Public offering statement; when not required
Terms Used In Louisiana Revised Statutes 9:1131.11
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Developer: means the person, or any successor or assignee of such person, who creates the timeshare plan or who is in the business of making sales of timeshare interests which it owns or purports to own. See Louisiana Revised Statutes 9:1131.2
- 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
- Owner: means any person who owns or is a co-owner of a timeshare interest. See Louisiana Revised Statutes 9:1131.2
- Timeshare interest: means an ownership "timeshare interest" a lease timeshare interest, a timeshare estate, and a timeshare use unless expressly provided otherwise and includes any of the following:
(a) A "timeshare estate" which is the right to occupy a timeshare property, coupled with present ownership or some right to future ownership in a timeshare property or a specified portion thereof. See Louisiana Revised Statutes 9:1131.2
A. The developer shall not be required to prepare and distribute a public offering statement if the developer has registered and there has been issued a public offering statement or similar disclosure document which is provided to purchasers under the Securities and Exchange Act of 1933.
B. A public offering statement need not be prepared or delivered in the case of:
(1) Any transfer of timeshare interest by any timeshare interest owner other than the developer or his or her agent.
(2) Any disposition pursuant to court order.
(3) A disposition by a government or governmental agency.
(4) A disposition by foreclosure or deed in lieu of foreclosure.
(5) A gratuitous transfer of a timeshare interest.
Added by Acts 1983, No. 552, §1.