§514E-26  Termination of a trust.  (a)  In the case of a time share use plan, the trust for the time share units shall be irrevocable during the time that any owner of a time share interest has a right to the occupancy of a time share unit, except as provided in subsection (c).

     (b)  In a time share ownership plan, the trust for a time share unit shall be irrevocable until all blanket liens are extinguished, except as provided in subsection (c).

     (c)  The developer may elect to terminate the use of a trust for a time share unit if, at a later date[:]

     (1)  The trustee records a notice of time share plan after the recording of either:

          (A)  Nondisturbance agreements executed by every lienholder who has a blanket lien against the time share unit, or

          (B)  The director's acceptance of a surety bond or irrevocable letter of credit for that unit; or

     (2)  The director approves alternative arrangements [that] permit the termination of the trust. [L 1982, c 186, §14]