2016 North Carolina General Statutes
Chapter 93A - Real Estate License Law.
Article 4 - Time Shares.
§ 93A-59 - Preservation of time share purchaser's claims and defenses.
93A-59. Preservation of time share purchaser's claims and defenses.
(a) For one year following the execution of an instrument of indebtedness for the purchase of a time share, the purchaser of a time share may assert against the seller, assignee of the seller, or other holder of the instrument of indebtedness, any claims or defenses available against the developer or the original seller, and the purchaser may not waive the right to assert these claims or defenses in connection with a time share purchase. Any recovery by the purchaser on a claim asserted against an assignee of the seller or other holder of the instrument of indebtedness shall not exceed the amount paid by the purchaser under the instrument. A holder shall be the person or entity with the rights of a holder as set forth in G.S. 25-3-301.
(b) Every instrument of indebtedness for the purchase of a time share shall set forth the following provision in a clear and conspicuous manner: