§514E-29  Association; lien for delinquent
assessments.  (a)  All time share plans shall have an association which
shall be a nonprofit corporation.  Each owner shall be a member of the
association.



(b)  The association may levy regular, special,
and other assessments in accordance with its governing documents.  Any regular,
special, or other assessment, and any late charges, interest, and costs of
collection, including reasonable attorneys' fees, assessed by the association
in accordance with its governing documents, shall be a debt of the owner of the
time share interest at the time the assessment or other sums are levied.



(c)  The amount of the assessment, plus any
late charges, interest, costs of collection, and reasonable attorneys' fees,
assessed by the association and chargeable to any owner of a time share
interest, shall be a lien on the owner's time share interest.



(d)  Notice of any delinquent lien created
pursuant to subsection (c) shall be recorded in the bureau of conveyances and
upon recordation shall be prior to all other liens, except:



(1)  Liens for taxes and assessments lawfully imposed
by governmental authority against the time share interest;



(2)  All sums unpaid on any mortgage of record
encumbering the time share interest which was recorded prior to the recordation
of a notice of a lien by the association; and



(3)  For a time share interest subject to a
condominium property regime, the lien of the association of owners under
chapter 514A or 514B, created pursuant to section 514A-90 or 514B-146.



(e)  A lien created pursuant to subsection (c)
may be enforced by the association in any manner permitted by law, including:



(1)  Foreclosure by an action in like manner as a
mortgage of real property; or



(2)  Foreclosure under power of sale, if the power of
sale is contained in the governing documents of the association, or in the
original deed of the time share interest;



provided that the procedures and notice requirements
contained in chapter 667 shall govern.  The plan manager or board of directors
of the association, acting on behalf of the owners, unless prohibited by the
project instruments, may bid on the time share interest at the foreclosure sale
and acquire and hold, lease, mortgage, and convey the same.



(f)  Where the association or other purchaser
obtains title to the time share interest as a result of the foreclosure of the
association's lien, the acquirer of title and the acquirer's successors and
assigns shall not be liable for the share of the expenses or assessments by the
association chargeable to the time share interest which became due prior to the
acquisition of title to the time share interest by the acquirer. 
Notwithstanding the immediately preceding sentence, the unpaid share of
expenses or assessments shall be deemed to be expenses collectible from all of
the time share owners, including the acquirer and the acquirer's successors and
assigns.



(g)  Nothing in this section prohibits the
association from bringing an action to recover a money judgment against the
owner of a time share interest for unpaid assessments and expenses without
first either foreclosing or waiving the association's lien securing the same.
[L 1982, c 186, §17; am L 1996, c 165, §1; am L 2004, c 164, §22; am L 2008, c
28, §16]