Maryland Real Property Section 11A-123

      Persons engaged in the following transactions involving time-shares are not required to register with the Commission, to prepare a public offering statement, or to deliver documents described in § 11A-115:

            (1)      A gratuitous disposition;

            (2)      A disposition pursuant to court order;

            (3)      A disposition by a government or governmental agency;

            (4)      A disposition by foreclosure or deed in lieu of foreclosure or by enforcement of a lien or security interest;

            (5)      A disposition that may be canceled at any time and for any reason by the purchaser without penalty;

            (6)      A disposition of a time-share in a unit situated wholly outside this State pursuant to a contract executed and negotiated wholly outside this State; or

            (7)      A disposition of a time-share project or all time-shares therein to one purchaser.