CHAPTER 572

S.P. 732 - L.D. 1932

An Act To Implement Model Time-share Foreclosure Procedures

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 33 MRSA §594, sub-§1, as enacted by PL 1983, c. 407, §1, is repealed and the following enacted in its place:

1.__Lien created.__A managing entity has a lien on a time share for any assessment for expenses of the time share or taxes or fines levied against that time share in accordance with the project instrument or municipal or state law from the time the assessment, tax or fine becomes due.__A lien against a time-share estate may be foreclosed as provided in section 595, subsection 1, and a lien against a time-share license may be foreclosed as provided in section 595, subsection 2.__Unless the project instrument otherwise provides, fees, charges, late charges, fines and interest charged in accordance with the project instrument are enforceable as assessments under this section.__If an assessment is payable in installments, the full amount of the assessment is a lien from the time the first installment thereof becomes due.__The managing entity shall record notice of a lien on a time-share estate in the registry of deeds in the county in which the time-share estate is located.__A notice of a lien on a time-share license must be recorded in the public records for the filing of security interests governed by the Uniform Commercial Code.__If there is more than one lien, they may be listed in one filing.__A copy of the notice of a lien on a time-share estate or time-share license must be sent by first class mail to the last known address of the time-share owner.__A notice of a lien on a