707.37 Assessments for time-share expenses; lien.

345 words·~2 min read·/wi/chapter-707/707-37-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Liability for assessments.

(a)Until assessments for time-share expenses are made against the time-share owners, the developer shall pay all time-share expenses.

(b)When assessments for time-share expenses are made against the time-share owners, assessments for time-share expenses shall be made at least annually, based on a budget adopted at least annually by the managing entity and in accordance with the allocation set forth in the time-share instrument under s. 707.22

(1). Except as provided in pars.

(c)to

(f), no time-share owner may be excused from payment of his or her share of time-share expenses unless all of the time-share owners are excused from payment.

(c)A developer may be excused from the payment of the developer’s share of the time-share expenses which would have been assessed against the time shares during a stated period during which the developer has guaranteed to each purchaser in the time-share disclosure statement, or by agreement between the developer and a majority of the time-share owners other than the developer, that the assessment for time-share expenses imposed upon the time-share owners would not increase over a stated dollar amount. If the developer makes such a guarantee, the developer shall pay any amount of time-share expenses incurred during the guarantee period which was not produced by the assessments at the guarantee level from other time-share owners.

(d)To the extent required by the time-share instrument, any time-share expense benefiting fewer than all of the time-share owners may be assessed only against the time-share owners benefited.

(e)Assessments to pay any judgment against the association may be made only against the time shares in the time-share property when the judgment was entered, in proportion to their time-share liabilities.

(f)If any time-share expense is caused by the misconduct of a time-share owner, the managing entity may assess that expense exclusively against that time-share owner’s time share.

(1m)Interest; reallocation.

(a)Any past due assessment or installment shall bear interest at the rate established by the managing entity or the time-share instrument.