707.26 Rights of secured lenders. The time-share instrument may require that all or a specified number or percentage of holders of mortgages or equivalent security interests encumbering units or time shares approve specified actions of the unit owners, time-share owners, the developer or the managing entity as a condition to the effectiveness of those actions, but no requirement for approval may do any of the following:
(1) Control over administration. Deny or delegate control over the general administrative affairs of an association by the unit owners or time-share owners, or their elected representatives.
(2) Involvement in litigation. Prevent an association from commencing, intervening in or settling any litigation or proceeding or receiving and distributing insurance proceeds under s. 707.35.
History: 1987 a. 399.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 707 - Time-share ownership.
707.03 - Status of time-share estates.
707.05 - Variation by agreement.
707.06 - Unconscionable contract.
707.07 - Obligation of good faith.
707.09 - Conflicts with other laws.
707.10 - Zoning and other regulation of time-share projects.
707.11 - Securities law; applicability.
707.20 - Time shares in projects.
707.21 - Time-share instrument.
707.215 - Project and time-share property plat.
707.22 - Allocation of time-share liability and voting rights.
707.24 - Termination of time shares.
707.25 - Use for sales purposes.
707.26 - Rights of secured lenders.
707.28 - Foreclosure of time-share estates and licenses.
707.30 - Managing entity; association of unit owners.
707.31 - Transfer of special developer rights.
707.32 - Termination of contracts and leases of developer.
707.34 - Tort and contract liability.
707.35 - Insurance; repair or replacement of damaged property.
707.36 - Disposition of surplus funds.
707.37 - Assessments for time-share expenses; lien.
707.38 - Blanket encumbrances; liens.
707.39 - Initiative, referendum and recall.
707.40 - Applicability; exemptions.
707.41 - Time-share disclosure statement.
707.42 - Exchange or reciprocal program; additional requirements.
707.43 - Multilocation developer; additional requirements.
707.44 - Conversion building; additional requirements.
707.45 - Amendments to statement.
707.46 - Contract; minimum requirements.
707.47 - Purchaser's right to cancel.
707.48 - Resales of time shares.
707.49 - Deposits; escrow requirement.
707.50 - Conversion building; tenants' rights.
707.51 - Protection of campground interests.
707.52 - Campgrounds; breach by member.
707.54 - Labeling of promotional material.
707.55 - Prohibited advertising and sales practices.
707.56 - Developer's obligation to complete improvements.
707.57 - Remedies and penalties.