2016 Arkansas Code
Title 18 - Property
Subtitle 2 - Real Property
Chapter 14 - Arkansas Time-Share Act
Subchapter 3 - -- Creation, Termination, and Management
§ 18-14-302. Contents of instruments establishing time-share estates

A project and time-share instrument that establishes a time-share estate located or offered in this state shall contain:

(1) The name of the county in which the property is situated;

(2) The legal description, street address, or other description sufficient to identify the property;

(3) Identification of time periods by letter, name, number, or combination thereof;

(4) Identification of time-share estates and, when applicable, the method by which additional time-share estates may be established;

(5) The formula, fraction, or percentage of the common expenses and any voting rights assigned to each time-share estate and, when applicable, to each accommodation in a project that is not subject to the time-share plan;

(6) Restrictions on the use, occupancy, alteration, or alienation of time-share interests;

(7) The ownership interest, if any, in personal property and for care and replacement;

(8) Any other matters the developer considers appropriate; and

(9) (A) Provisions concerning the establishment of a lien against an owner's time-share interest in favor of the association of time-share estate owners to secure payment of common expenses.

(B) This lien when provided for in the time-share instrument is enforceable and foreclosable in the way other statutory liens are enforceable and foreclosable under the laws of this state.