§ 34-41-3.10. Assessments for time-share expenses.
(a) Until time-share expense assessments are made against the time-share owners, the developer shall pay all time-share expenses. After any time-share expense assessment has been made against the time-share owners, time-share expense assessments must be made at least annually, based on a budget adopted at least annually by the managing entity.
(b) Except for assessments under subsections (c), (d) and (e), all time-share expenses must be assessed against all the time shares in accordance with the allocations set forth in the time-share instrument pursuant to § 34-41-2.03(a). Any past due assessment or installment thereof bears interest at the rate established by the managing entity or time-share instrument not exceeding the highest legal percent per year.
(c) To the extent required by the time-share instrument any time-share expense benefiting fewer than all of the time-share owners must be assessed exclusively against the time-share owners benefited.
(d) Assessments to pay a judgment against the association (§ 34-41-3.07) may be made only against the time shares in the time-share property at the time the judgment was entered, in proportion to their time-share expense liabilities.
(e) If any time-share expense is caused by the misconduct of any time-share owner, the association may assess that expense exclusively against his or her time share.
(f) If time-share expense liabilities are reallocated, time-share expense assessments and any installment thereof not yet due must be recalculated in accordance with the reallocated time-share expense liabilities.
History of Section.
P.L. 1984, ch. 141, § 2.