(a) (1) A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law, including an estate for years with a remainder over in fee simple or an estate for years with no remainder if a leasehold. (2) This section supersedes any contrary rule at common law. (b) A document transferring or encumbering a time-share estate in real property shall not be rejected for recordation because of the nature or duration of that estate or interest. (c) For purposes of title, a time-share estate constitutes a separate estate or interest in property, except for real property tax purposes. Amended by Act 2013, No. 710,§ 1, eff. 8/16/2013. Acts 1983, No. 294, Art. 1, §§ 1-104, 1-105; A.S.A. 1947, §§ 50-1304, 50-1305. (a) (1) A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law, including an estate for years with a remainder over in fee simple or an estate for years with no remainder if a leasehold. (2) This section supersedes any contrary rule at common law. (b) A document transferring or encumbering a time-share estate in real property shall not be rejected for recordation because of the nature or duration of that estate or interest. (c) For purposes of title, a time-share estate constitutes a separate estate or interest in property, except for real property tax purposes. Amended by Act 2013, No. 710,§ 1, eff. 8/16/2013. Acts 1983, No. 294, Art. 1, §§ 1-104, 1-105; A.S.A. 1947, §§ 50-1304, 50-1305. (a) (1) A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law, including an estate for years with a remainder over in fee simple or an estate for years with no remainder if a leasehold. (2) This section supersedes any contrary rule at common law. (b) A document transferring or encumbering a time-share estate in real property shall not be rejected for recordation because of the nature or duration of that estate or interest. (c) For purposes of title, a time-share estate constitutes a separate estate or interest in property, except for real property tax purposes. Amended by Act 2013, No. 710,§ 1, eff. 8/16/2013. Acts 1983, No. 294, Art. 1, §§ 1-104, 1-105; A.S.A. 1947, §§ 50-1304, 50-1305. (a) (1) A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law, including an estate for years with a remainder over in fee simple or an estate for years with no remainder if a leasehold. (2) This section supersedes any contrary rule at common law. (1) A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law, including an estate for years with a remainder over in fee simple or an estate for years with no remainder if a leasehold. (2) This section supersedes any contrary rule at common law. (b) A document transferring or encumbering a time-share estate in real property shall not be rejected for recordation because of the nature or duration of that estate or interest. (c) For purposes of title, a time-share estate constitutes a separate estate or interest in property, except for real property tax purposes. Acts 1983, No. 294, Art. 1, §§ 1-104, 1-105; A.S.A. 1947, §§ 50-1304, 50-1305.
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