[§501-247]  Voluntary dealing with a
leasehold time share interest.  (a)  Except as otherwise provided in this
part, an owner of a leasehold time share interest may convey, mortgage,
sublease, charge, or otherwise deal with the same as if the condominium to
which it pertains was established on unregistered land.  The owner may use
forms of assignments, mortgages, or other voluntary instruments like those now
in use and sufficient in law for the purpose intended.



(b)  Notwithstanding subsection (a) and section
502-83, no assignment, mortgage, or other voluntary instrument (except a will,
a lease for a term not exceeding one year, or an instrument required by this
part to be registered in the land court and which is so registered) purporting
to assign or affect a leasehold time share interest, shall take effect as a
conveyance or bind the leasehold time share interest, but shall operate only as
a contract between the parties, and as evidence of authority to the registrar
or assistant registrar.  The act of recordation pursuant to chapter 502 shall
be the operative act to assign or affect the leasehold time share interest. [L
1998, c 219, pt of §1]