Section 27. Unless otherwise provided in the time-share instrument, the by-laws, rules or regulations of the time-share association or otherwise determined by the time-share owners at a meeting of time-share owners or pursuant to either section thirty-three or thirty-four, any surplus funds derived from the time-share owners or from property belonging to said time-share owners or their association and held by a managing entity remaining after payment of or provision for time-share expenses and any required reserves shall be paid to the time-share owners in proportion to their time-share expense liabilities or credited to them to reduce their future time-share expense assessments.
Structure Massachusetts General Laws
Part II - Real and Personal Property and Domestic Relations
Title I - Title to Real Property
Chapter 183b - Real Estate Time-Shares
Section 4 - Agreements Varying Chapter Prohibited; Waiver of Rights
Section 5 - Unconscionable Contracts
Section 6 - Good Faith Obligation
Section 7 - Remedies; Liberal Administration; Damages; Judicial Enforcement
Section 8 - Laws Supplementary to Chapter
Section 9 - Conflicts With Other Laws
Section 10 - Implied Repeals by Subsequent Legislation
Section 11 - Project Instruments; Creation of Time-Shares; Amendments
Section 13 - Instruments; Allocation of Votes and Expense Liabilities; Alteration
Section 14 - Partition of Units
Section 15 - Termination Agreements
Section 16 - Sales or Management Offices; Models; Signs
Section 17 - Instruments; Approval of Actions of Owners, Developer, or Managing Entity
Section 18 - Deeds; Notice of Lease or License; Recording; Contents
Section 20 - Powers of Association
Section 21 - Powers and Duties of Developer
Section 22 - Special Developer Right
Section 24 - Duties of Managing Entity; Access to Units; Alteration of Unit by Owner
Section 28 - Expenses; Assessments; Late Charges; Interest; Reserve Funds
Section 29 - Liens for Assessments Levied or Fines Imposed
Section 29b - Forfeiture of Rights of Time-Share Owner for Non-Payment of Assessments; Proceedings
Section 30 - Financial Records
Section 31 - Third Persons Dealing With Trustee
Section 34 - Referendum to Amend Project Instrument or Other Matters
Section 35 - Discharge of Manager
Section 38 - Public Offering Statements; Furnishing to Purchaser; Contents
Section 39 - Public Offering Statements; Conversion Buildings; Contents
Section 39a - Conformity of Units to Regulations
Section 40 - Public Offering Statements; Time-Share Registered With Securities Exchange Commission
Section 42a - Resale Service Providers; Disclosure Obligations
Section 43 - Deposits Placed in Escrow; Holding Instrument of Payment
Section 44 - Release of Liens; Surety Bond; Service of Process for Foreclosure of Lien
Section 45 - Express Warranties
Section 47 - Implied Warranties of Quality; Exclusions or Modifications
Section 48 - Limitation of Actions for Breach of Warranties
Section 49 - Failure to Comply With Chapter
Section 50 - Improvements Not Required to Be Built
Section 51 - Completion of Promised Improvements; Responsibility for Recording Deed or Notice
Section 52 - Advertisements Including Prize Offer
Section 53 - Exchange Programs; Information; Promotional Literature; Liability
Section 54 - Multi-Location Developers; Information for Purchasers; Violations