§ 34-41-3.10 - Assessments for time-share expenses.
SECTION 34-41-3.10
§ 34-41-3.10 Assessments for time-shareexpenses. – (a) Until time-share expense assessments are made against the time-shareowners, the developer shall pay all time-share expenses. After any time-shareexpense assessment has been made against the time-share owners, time-shareexpense assessments must be made at least annually, based on a budget adoptedat 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 inaccordance with the allocations set forth in the time-share instrument pursuantto § 34-41-2.03(a). Any past due assessment or installment thereof bearsinterest at the rate established by the managing entity or time-shareinstrument not exceeding the highest legal percent per year.
(c) To the extent required by the time-share instrument anytime-share expense benefiting fewer than all of the time-share owners must beassessed 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-shareproperty at the time the judgment was entered, in proportion to theirtime-share expense liabilities.
(e) If any time-share expense is caused by the misconduct ofany time-share owner, the association may assess that expense exclusivelyagainst 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 berecalculated in accordance with the reallocated time-share expense liabilities.