§ 11A-123. Persons not required to register  


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  •    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 of this title:

       (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.


HISTORY: 1984, ch. 579; 1985, ch. 721; 2002, ch. 19, § 10; 2009, ch. 60, § 5.