Oregon Statutes 94.813 – Character of timeshare estates
(1) Except as expressly modified by ORS § 92.325, 92.425, 94.570, 94.803 to 94.945, 100.005, 100.105, 100.200, 100.450 and 696.490, a timeshare estate is an estate in real property and has the character and incidents of an estate in fee simple at common law or estate for years if a leasehold. A timeshare license is an estate for years having the character and incidents of such an estate at common law.
Terms Used In Oregon Statutes 94.813
- 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.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) A document transferring or encumbering a timeshare may not be rejected for recordation because of the nature or duration of the interest.
(3) Neither a timeshare plan nor a timeshare, subject to regulation under ORS § 94.803 and 94.807 to 94.945 is a ‘security,’ as defined in ORS § 59.015. [1983 c.530 4a,5; 1985 c.349 § 29; 1987 c.603 § 25]
[Repealed by 1971 c.478 § 1]