§ 34-41-2.07. Rights of secured lenders.
The time-share instrument may require that all or a specified number or percentage of the mortgagees or beneficiaries of deeds of trust encumbering units or time shares approve specified actions of the unit owners, time-share owners, developer, or managing entity as a condition to the effectiveness of those actions, but no requirement for approval may operate to (i) deny or delegate control over the general administrative affairs of any association by the unit owners, time-share owners, or both, or their elected representatives or (ii) prevent any association from commencing, intervening in, or settling any litigation or proceeding, or receiving and distributing any insurance proceeds pursuant to § 34-41-3.08.
History of Section.P.L. 1984, ch. 141, § 2.
Structure Rhode Island General Laws
Chapter 34-41 - Rhode Island Real Estate Time-Share Act
Article II - Creation, Termination and Incidents of Time Shares
Section 34-41-2.01. - Time shares in projects.
Section 34-41-2.02. - Time-share instrument.
Section 34-41-2.03. - Allocation of time-share expense liability and voting rights.
Section 34-41-2.04. - Partition.
Section 34-41-2.05. - Termination of time-shares.
Section 34-41-2.06. - Use for sales purposes.