Terms Used In Tennessee Code > Title 66 > Chapter 32 - Time-Share Programs and Vacation Clubs

• Acquisition agent: means a person who by means of telephone, mail, advertisement, inducement, solicitation or otherwise attempts directly to encourage any person to attend a sales presentation for a time-share program. See Tennessee Code 66-32-102
• advertisement: means any written, printed, verbal or visual offer by an individual or general solicitation. See Tennessee Code 66-32-102
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Blanket encumbrance: means any mortgage, deed of trust, option to purchase, vendor's lien or interest under a contract or agreement of sale, or other material financing lien or encumbrance granted by the membership camping operator, which secures or evidences the obligation to pay money or to sell or convey any campgrounds located in this state made available to purchasers by the membership camping operator or any portion thereof and which authorizes, permits, or requires the foreclosure or other disposition of the campground affected. See Tennessee Code 66-32-302
• Campground: means real property owned or operated by a membership camping operator which is available for camping by purchasers of membership camping contracts. See Tennessee Code 66-32-302
• Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
• Commission: means Tennessee real estate commission, which is an agency created under §. See Tennessee Code 66-32-102
• Commission: means Tennessee real estate commission, which is an agency created under §. See Tennessee Code 66-32-102
• 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.
• Component site: means a specific geographic site at which certain time-share accommodations and facilities are located. See Tennessee Code 66-32-102
• Component site: means a specific geographic site at which certain time-share accommodations and facilities are located. See Tennessee Code 66-32-102
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Developer: means , in the case of any given property, any person or entity which is in the business of creating or which is in the business of selling its own time-share intervals in any time-share program. See Tennessee Code 66-32-102
• Developer: means , in the case of any given property, any person or entity which is in the business of creating or which is in the business of selling its own time-share intervals in any time-share program. See Tennessee Code 66-32-102
• Devise: To gift property by will.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Exchange agent: means a person who exchanges or offers to exchange time-share intervals in an exchange program with other time-share intervals. See Tennessee Code 66-32-102
• Facilities: means the following amenities provided and located on property owned or operated by a membership camping operator: camping sites, rental trailers or cabins, swimming pools, sport courts, recreation buildings, and trading posts or grocery stores. See Tennessee Code 66-32-302
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• 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}
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Holder: includes the seller who acquires a membership camping contract or, if the contract is purchased, a financing agency or other assignee that purchases the contract. See Tennessee Code 66-32-302
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Inter vivos: Transfer of property from one living person to another living person.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Managing agent: means a person who undertakes the duties, responsibilities, and obligations of the management of a time-sharing program. See Tennessee Code 66-32-102
• Material: means the statement, irrespective of its admissibility under the rules of evidence, could have affected the course or outcome of the official proceeding. See Tennessee Code 39-16-701
• Membership camping contract: means an agreement offered or sold within this state evidencing a purchaser's title to, interest in, right or license to use, for more than thirty (30) days, the campgrounds and facilities of a membership camping operator and includes a membership which provides for this use. See Tennessee Code 66-32-302
• Membership camping operator: means any enterprise, other than one that is tax exempt under §. See Tennessee Code 66-32-302
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Nondisturbance agreement: means an instrument by which the holder of a blanket encumbrance agrees that:
  (A) Its rights in any campground made available to purchasers by the membership camping operator shall be subordinate to the rights of purchasers from and after the recordation of the instrument. See Tennessee Code 66-32-302
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Offer: means any solicitation reasonably designed to result in the entering into of a membership camping contract. See Tennessee Code 66-32-302
• Offering: means any offer to sell, solicitation, inducement or advertisement whether by radio, television, newspaper, magazine or by mail, whereby a person is given an opportunity to acquire a time-share interval within a project located either within or outside the state. See Tennessee Code 66-32-102
• Offering: means any offer to sell, solicitation, inducement or advertisement whether by radio, television, newspaper, magazine or by mail, whereby a person is given an opportunity to acquire a time-share interval within a project located either within or outside the state. See Tennessee Code 66-32-102
• Official proceeding: means any type of administrative, executive, judicial, or legislative proceeding that is conducted before a public servant authorized by law to take statements under oath in that proceeding. See Tennessee Code 39-16-701
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means one (1) or more natural persons, corporations, partnerships, associations, trusts, other entities, or any combination thereof. See Tennessee Code 66-32-102
• Person: means any individual, corporation, partnership, company, and any other form of multiple organization for carrying on foreign or domestic business, other than a government or a subdivision of a government. See Tennessee Code 66-32-302
• Person: means one (1) or more natural persons, corporations, partnerships, associations, trusts, other entities, or any combination thereof. See Tennessee Code 66-32-102
• Person: includes the singular and the plural and means and includes any individual, firm, partnership, copartnership, association, corporation, governmental subdivision or agency, or other organization or other legal entity, or any agent or servant thereof. See Tennessee Code 39-11-106
• Personal property: All property that is not real property.
• Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
• Project instrument: means one (1) or more recordable documents applicable to the whole project by whatever name denominated, containing restrictions or covenants regulating the use, occupancy or disposition of an entire project, including any amendments to the document, but excluding any law, ordinance, or governmental regulation. See Tennessee Code 66-32-102
• property: means all of the real property subject to a project instrument, and containing more than one (1) unit. See Tennessee Code 66-32-102
• property: means all of the real property subject to a project instrument, and containing more than one (1) unit. See Tennessee Code 66-32-102
• Public offering statement: means that statement required by §. See Tennessee Code 66-32-102
• Public offering statement: means that statement required by §. See Tennessee Code 66-32-102
• Purchaser: means any person other than a developer or lender who acquires an interest in a time-share interval. See Tennessee Code 66-32-102
• Purchaser: means a person who enters into a membership camping contract and obtains the right to use the camping or outdoor facilities of a membership camping operator. See Tennessee Code 66-32-302
• Purchaser: means any person other than a developer or lender who acquires an interest in a time-share interval. See Tennessee Code 66-32-102
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Reservation system: means the method, arrangement, or procedure by which the owners of vacation club interests are required to compete with other owners of vacation club interests in the same vacation club in order to reserve the use and occupancy of an accommodation of the vacation club for one or more use periods, regardless of whether such reservation system is operated and maintained by the vacation club managing entity, an exchange company, or any other person. See Tennessee Code 66-32-102
• Reservation system: means the method, arrangement, or procedure by which the owners of vacation club interests are required to compete with other owners of vacation club interests in the same vacation club in order to reserve the use and occupancy of an accommodation of the vacation club for one or more use periods, regardless of whether such reservation system is operated and maintained by the vacation club managing entity, an exchange company, or any other person. See Tennessee Code 66-32-102
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• Sales agent: means a person who sells or offers to sell "time-share intervals" in a "time-share program" to a purchaser. See Tennessee Code 66-32-102
• sell: means entering into, or other disposition, of a membership camping contract for value, but the term "value" does not include a fee to offset the reasonable costs of transfer of a membership camping contract. See Tennessee Code 66-32-302
• Seller: means a membership camping operator. See Tennessee Code 66-32-302
• Service of process: The service of writs or summonses to the appropriate party.
• signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Statement: means any representation of fact. See Tennessee Code 39-16-701
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Time-share estate: means an ownership or leasehold estate in property devoted to a time-share fee, tenants in common, time span ownership, interval ownership, and a time-share lease. See Tennessee Code 66-32-102
• Time-share instrument: means any document by whatever name denominated, creating or regulating time-share programs, but excluding any law, ordinance or governmental regulation. See Tennessee Code 66-32-102
• Time-share interval: means a time-share estate or a time-share use. See Tennessee Code 66-32-102
• Time-share interval: means a time-share estate or a time-share use. See Tennessee Code 66-32-102
• Time-share program: means any arrangement for time-share intervals in a time-share project whereby use, occupancy or possession of real property has been made subject to either a time-share estate or time-share use whereby such use, occupancy or possession circulates among purchasers of the time-share intervals according to a fixed or floating time schedule on a periodic basis occurring annually over any period of time in excess of one (1) year. See Tennessee Code 66-32-102
• Time-share project: means any real property that is subject to a time-share program. See Tennessee Code 66-32-102
• Time-share project: means any real property that is subject to a time-share program. See Tennessee Code 66-32-102
• Time-share resale broker: means any person or entity who undertakes to list, advertise for sale, promote or sell by any means whatsoever more than five (5) time-share intervals per year in one (1) or more time-share projects on behalf of any number of purchasers. See Tennessee Code 66-32-102
• Time-share use: means any contractual right of exclusive occupancy which does not fall within the definition of a "time-share estate" including, without limitation, a vacation license, prepaid hotel reservation, club membership, vacation club interest, limited partnership or vacation bond. See Tennessee Code 66-32-102
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Unit: means the real property or real property improvement in a project which is divided into time-share intervals. See Tennessee Code 66-32-102
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Vacation club: means any system or program with respect to which a purchaser obtains, by any means, a recurring right to use and occupy accommodations and facilities, if any, in more than one (1) component site through the mandatory use of a reservation system, whether or not the purchaser's use and occupancy right is coupled with an interest in real property. See Tennessee Code 66-32-102
• Vacation club: means any system or program with respect to which a purchaser obtains, by any means, a recurring right to use and occupy accommodations and facilities, if any, in more than one (1) component site through the mandatory use of a reservation system, whether or not the purchaser's use and occupancy right is coupled with an interest in real property. See Tennessee Code 66-32-102
• Vacation club documents: means and includes the one (1) or more documents or instruments, by whatever name denominated, creating or governing a vacation club and the disposition of vacation club interests therein. See Tennessee Code 66-32-102
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105