§ 34-41-3.11. Lien for assessments.
(a) A person who has a duty to make assessments for time-share expenses has a lien on a time share for any assessment levied against that time share or fines imposed against its owner from the time the assessment or fine becomes due. The lien may be foreclosed in like manner as a mortgage on real estate (or a power of sale under chapter 27 of this title), or, in the case of a time-share license, under the Uniform Commercial Code, title 6A. Unless the time-share instrument otherwise provides, fees, charges, late charges, fines, and interest charged pursuant to § 34-41-3.02(8) and (9) are enforceable as assessments under this section. If an assessment is payable in installments the full amount of the assessment is a lien from the time the first installment thereof becomes due.
(b)(1) A lien under this section is prior to all other liens and encumbrances on a time share except:
(i) Liens and encumbrances recorded before the recordation of the time-share instrument;
(ii) Mortgages and deeds of trust on the time share 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;
(iii) Liens for real estate taxes and other governmental assessments or charges against the time share; and
(iv) Liens securing assessments or charges made by a person managing a project of which the time-share property is a part.
(2) To the extent of the time-share expense assessments made under § 34-41-3.10(b) become due during the six (6) months immediately preceding institution of an action to enforce the lien, the lien is also prior to the mortgages and deeds of trust described in subdivision (1)(ii) of this subsection. This subsection does not affect the priority of mechanics' or materialmen's liens.
(c) The lien is perfected upon recordation of a claim of lien in the municipality in which the time-share unit is situated.
(d) A lien for unpaid assessments is extinguished unless proceedings to enforce the lien are instituted within three (3) years after the assessments become payable.
(e) This section does not prohibit actions or suits to recover sums for which subsection (a) creates a lien or 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's fees for the prevailing party.
(g) A person who has a duty to make assessments for time-share expenses shall furnish to a time-share owner upon written request a recordable statement setting forth the amount of unpaid assessments currently levied against his or her time share. The statement must be furnished within ten (10) business days after receipt of the request and is binding in favor of persons reasonably relying thereon.
(P.L. 1984, ch. 141, § 2.)