Persons engaged in the following transactions involving time-shares are not required to register with the Commission, to prepare a public offering statement, or to deliver documents described in § 11A-115 of this title: (1) A gratuitous disposition; (2) A disposition pursuant to court order; (3) A disposition by a government or governmental agency; (4) A disposition by foreclosure or deed in lieu of foreclosure or by enforcement of a lien or security interest; (5) A disposition that may be canceled at any time and for any reason by the purchaser without penalty; (6) A disposition of a time-share in a unit situated wholly outside this State pursuant to a contract executed and negotiated wholly outside this State; or (7) A disposition of a time-share project or all time-shares therein to one purchaser.
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