§514E-26  Termination of a trust.  (a) 
In the case of a time share use plan, the trust for the time share units shall
be irrevocable during the time that any owner of a time share interest has a
right to the occupancy of a time share unit, except as provided in subsection
(c).



(b)  In a time share ownership plan, the trust
for a time share unit shall be irrevocable until all blanket liens are
extinguished, except as provided in subsection (c).



(c)  The developer may elect to terminate the
use of a trust for a time share unit if, at a later date,



(1)  The trustee records a notice of time share plan
after the recording of either:



(A)  Nondisturbance agreements executed by
every lienholder who has a blanket lien against the time share unit, or



(B)  The director's acceptance of a surety bond
or irrevocable letter of credit for that unit; or



(2)  The director approves alternative arrangements
which permit the termination of the trust. [L 1982, c 186, §14]