1262b

In the event of a conveyance or encumbrance of: (i) an accommodation that has been planned, but is not yet under construction; or (ii) a timeshare or vacation club right with respect to such accommodation, there shall be deemed to be acquired by the new owner or by the encumbrancer, as applicable, the share corresponding to the conveyor or to the debtor in the proper case, in the facilities, and the corresponding right to have the accommodation constructed; and the acquirer shall be understood to be subrogated in the rights and to the extent of the conveyer for all legal purposes. History —Dec. 26, 1995, No. 252, § 12-103.