557A.15 Release from liens. 1. Unless the purchaser expressly agrees, prior to the transfer other than by deed in lieu of foreclosure of a time-share interval, to take subject to or assume a lien, the developer shallrecord or furnish to the purchaser releases of all liens affecting that time-share interval, orshall provide a surety bond or insurance against the lien. 2. If a lien, other than an underlying mortgage or deed of trust, becomes effective against more than one time-share interval in a time-share project, a time-share interval owner isentitled to a release of the owner’s time-share interval from the lien upon payment of theamount of the lien attributable to the owner’s time-share interval. The amount of the paymentshall be proportionate to the ratio that the time-share interval owner’s liability bears to theliabilities of all time-share interval owners whose interests are subject to the lien. Uponreceipt of payment, the lienholder shall promptly deliver to the time-share interval ownera release of the lien covering the time-share interval. After payment, the managing entityshall not assess or have a lien against that time-share interval for any portion of the e-share interval ownera release of the lien covering the time-share interval. After payment, the managing entityshall not assess or have a lien against that time-share interval for any portion of the expensesincurred in connection with that lien. The time-share interval owner and the lienholder mayenter into an alternative arrangement. 85 Acts, ch 155, §15Referred to in §557A.3 Sat Dec 23 11:05:10 2023 Iowa Code 2024, Section 557A.15 (16, 0)
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