2016 Arkansas Code
Title 18 - Property
Subtitle 2 - Real Property
Chapter 14 - Arkansas Time-Share Act
Subchapter 6 - -- Financing
§ 18-14-602. Protection of purchasers from subsequent underlying lien

AR Code ยง 18-14-602 (2016) What's This?

The developer whose project is subjected to an underlying blanket lien or encumbrance subsequent to the transfer of a time-share interest shall protect nondefaulting purchasers from foreclosure by:

(1) Obtaining from the lienholder a nondisturbance clause, subordination agreement, or partial release of the lien for those time-share interests sold; or

(2) Providing a surety bond or insurance against the lien from a company acceptable to the Arkansas Real Estate Commission.

Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.