Louisiana Revised Statutes 9:1131.22 – Privilege for assessments
Terms Used In Louisiana Revised Statutes 9:1131.22
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Owner: means any person who owns or is a co-owner of a timeshare interest. See Louisiana Revised Statutes 9:1131.2
- Person: means an individual, partnership, corporation, or other legal entity. See Louisiana Revised Statutes 9:1131.2
- Project: includes but is not limited to condominiums and cooperative housing corporations. See Louisiana Revised Statutes 9:1131.2
- Timeshare documents: means all of the documents, by whatever names denominated, and any amendments thereto, which establish the timeshare plan, create and govern the rights and relationships of owners, and govern the use and operation of the timeshare property. See Louisiana Revised Statutes 9:1131.2
- Timeshare expenses: means any expenditures, fees, charges, or other liabilities for which an owner of a timeshare interest is liable as a result of the ownership of the 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
- Timeshare property: means one or more timeshare units subject to the same timeshare plan, together with any common elements or any other immovable property, or rights therein, appurtenant to those units. See Louisiana Revised Statutes 9:1131.2
- Timeshare unit: means a unit which is the subject of a timeshare plan. See Louisiana Revised Statutes 9:1131.2
A. A person who has a duty to make assessments for timeshare expenses has a privilege on a timeshare interest for any assessment levied against that timeshare interest or fines imposed against its owner from the time the assessment or fine becomes due. The privilege may be foreclosed in like manner as a mortgage on immovable property. Unless the timeshare documents otherwise provide, fees, charges, late charges, fines, and interest charged are enforceable as assessments under this Section. If an assessment is payable in installments, the full amount of the assessment is a privilege from the time the first installment thereof becomes due.
B. A privilege under this Section is superior to all other privileges and encumbrances on a timeshare interest except:
(1) Privileges and encumbrances recorded before the privilege under this Section is perfected;
(2) Mortgages on the timeshare interest securing first mortgage holders and recorded before the due date of the assessment or the due date of the first installment payable on the assessment;
(3) Privileges for property taxes and other governmental assessments or charges against the timeshare interest; and
(4) Privileges securing assessments or charges made by a person managing a project of which the timeshare property is a part.
C. The privilege is perfected upon recordation of a claim of privilege in the parish in which the timeshare unit is situated.
D. A privilege for unpaid assessments is prescribed unless proceedings to enforce the privilege are instituted within three years after the assessments become payable.
E. This Section does not prohibit actions or suits to recover sums for which Subsection A of this Section creates a privilege nor preclude resort to any contractual or other remedy permitted by law.
F. A judgment or decree in any action or suit brought under this Section must include costs and reasonable attorney fees for the prevailing party.
G. A person who has a duty to make assessments for timeshare expenses shall furnish to an owner, upon written request, a recordable statement setting forth the amount of unpaid assessments currently levied against his timeshare interest. The statement must be furnished within ten business days after receipt of the request and is binding in favor of persons reasonably relying thereon.
H. The provisions of this Section shall apply only to timeshare interests in timeshare property located in Louisiana.
Added by Acts 1983, No. 552, §1.