Character of timeshare estates
(1)Except as expressly modified by ORS 92.325 (Application of ORS 92.305 to 92.495), 92.425 (Conditions prerequisite to sale), 94.570 (Applicability of ORS 94.550 to 94.783), 94.803 (Definitions for ORS 94.803 and 94.807 to 94.945) to 94.945 (Advertising regulation), 100.005 (Definitions), 100.105 (Contents of declaration), 100.200 (Declarant control of association), 100.450 (Association lien against individual unit) and 696.490 (Real Estate Account), a timeshare estate is an estate in real property and has the character and incidents of an estate in fee simple at common law or estate for years if a leasehold. A timeshare license is an estate for years having the character and incidents of such an estate at common law.
(2)A document transferring or encumbering a timeshare may not be rejected for recordation because of the nature or duration of the interest.
(3)Neither a timeshare plan nor a timeshare, subject to regulation under ORS 94.803 (Definitions for ORS 94.803 and 94.807 to 94.945) and 94.807 (Application) to 94.945 (Advertising regulation) is a “security,” as defined in ORS 59.015 (Definitions for Oregon Securities Law). [1983 c.530 §§4a,5; 1985 c.349 §29; 1987 c.603 §25]
Section 94.813 — Character of timeshare estates,