514E-21 Effect of recording a notice of time share plan. When a notice of time share plan is recorded, claims by creditors of the developer and claims upon, or by successors to, the interest of the title holder who executed the notice of time share plan, shall be subordinate to the interest of owners whose purchase of time share interests in the time share plan is closed after the notice of time share plan is recorded. The recording of a notice of time share plan shall not affect:

(1) The rights or lien of a lienholder whose lien was recorded prior to the notice of time share plan;

(2) The rights of the holder of an option recorded before the notice of time share plan;

(3) The rights or lien of a lienholder having a purchase money lien on a time share interest. [L 1982, c 186, 9]

 

 

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