In addition to any other remedies provided for in this chapter, any deed or instrument of conveyance or disposition and any purchase contract shall be voidable, at the sole option of the grantee or purchaser, his heirs, personal representative, or trustee in insolvency or bankruptcy, within two (2) years following the last to occur of:(1) The date of execution of the applicable purchase contract;(2) the date of execution of the instrument of conveyance or disposition, or(3) the date upon which the disposition occurred if such disposition were not effected by deed or other instrument of conveyance, if on any such date, no currently effective timeshare or vacation club permit was issued to the developer.The provisions of this section shall not be applicable to transactions permissible for developers of existing timeshare property which file their application for permit within the first year of the effectiveness of this law in compliance with the provisions of § 1252g. The provisions of this section shall also not apply to deeds or instruments or to the purchase contracts, executed by developers of existing timeshare property prior to applying for their permit, provided they do so on

his section shall also not apply to deeds or instruments or to the purchase contracts, executed by developers of existing timeshare property prior to applying for their permit, provided they do so on or before July 1, 1996. History —Dec. 26, 1995, No. 252, § 10-106; July 5, 1996, No. 66, § 29.