§514E-21  Effect of recording a notice of
time share plan.  When a notice of time share plan is recorded, claims by
creditors of the developer and claims upon, or by successors to, the interest
of the title holder who executed the notice of time share plan, shall be
subordinate to the interest of owners whose purchase of time share interests in
the time share plan is closed after the notice of time share plan is recorded. 
The recording of a notice of time share plan shall not affect:



(1)  The rights or lien of a lienholder whose lien was
recorded prior to the notice of time share plan;



(2)  The rights of the holder of an option recorded
before the notice of time share plan;



(3)  The rights or lien of a lienholder having a
purchase money lien on a time share interest. [L 1982, c 186, §9]