§ 93A-59. Preservation of time share purchaser's claims and defenses. - North Carolina Statutes

§93A‑59.  Preservation of time share purchaser's claims and defenses.

(a)        For one yearfollowing the execution of an instrument of indebtedness for the purchase of atime share, the purchaser of a time share may assert against the seller,assignee of the seller, or other holder of the instrument of indebtedness, anyclaims or defenses available against the developer or the original seller, andthe purchaser may not waive the right to assert these claims or defenses inconnection with a time share purchase. Any recovery by the purchaser on a claimasserted against an assignee of the seller or other holder of the instrument ofindebtedness shall not exceed the amount paid by the purchaser under theinstrument. A holder shall be the person or entity with the rights of a holderas set forth in G.S. 25‑3‑301.

(b)        Every instrument ofindebtedness for the purchase of a time share shall set forth the followingprovision in a clear and conspicuous manner:

             

"NOTICE

FOR APERIOD OF ONE YEAR FOLLOWING THE EXECUTION OF THIS INSTRUMENT OF INDEBTEDNESS,ANY HOLDER OF THIS INSTRUMENT OF INDEBTEDNESS IS SUBJECT TO ALL CLAIMS ANDDEFENSES WHICH THE PURCHASER COULD ASSERT AGAINST THE SELLER OF THE TIME SHARE.RECOVERY BY THE PURCHASER SHALL NOT EXCEED AMOUNTS PAID BY THE PURCHASER UNDERTHIS INSTRUMENT."

 (1985, c. 578, s. 13.)