Massachusetts S 3013: An Act modernizing time-share extension and termination procedures

Bill Text

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3013 
 
The Commonwealth of Massachusetts 
_______________
 
In the One Hundred and Ninety-Third General Court 
(2023-2024) 
_______________
 
 
 
SENATE, December 30, 2024. 
 The committee on Senate Rules to whom was referred the Senate Bill modernizing time-
share extension and termination procedures (Senate, No. 2591) reports, that the matter be placed 
in the Orders of the Day for the next session with an amendment substituting a new draft entitled 
"An Act modernizing time-share extension and termination procedures" (Senate, No. 3013).  
 
For the committee, 
 Joan B. Lovely 
 

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        FILED ON: 12/30/2024 
SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3013 
 
 
The Commonwealth of Massachusetts 
 
_______________
 
In the One Hundred and Ninety-Third General Court 
(2023-2024) 
_______________
 
 
An Act modernizing time-share extension and termination procedures. 
 
 Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority 
of the same, as follows: 
 
1 SECTION 1. Section 14 of chapter 183B of the General Laws, as appearing in the 2022 
2Official Edition, is hereby amended by striking out, in line 3, the words “subsection (d)” and 
3inserting in place thereof the following words:- paragraph (3) of subsection (b). 
4 SECTION 2. Said chapter 183B is hereby further amended by striking out section 15, as 
5so appearing, and inserting in place thereof the following section:- 
6 Section 15. (a) This section shall apply to time-share licenses only to the extent expressly 
7 provided by the time-share instrument. 
8 (b) After the occurrence of a duly noticed and held meeting of an association of owners 
9convened 
10 not less than 30 days after such notice to consider the termination of a time-share plan, 
11such owners having not less than 65 per cent of all eligible beneficial interests may terminate all 
12time-shares in a time-share property by written agreement. 

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13 (c) An agreement to terminate all time-shares in a time-share property shall be evidenced 
14by the execution, in the same manner as a deed, of a termination agreement, or ratifications 
15thereof, by the requisite number of time-share owners. The termination agreement shall specify a 
16date after which the agreement shall be void unless it is recorded on or before said date and it 
17may provide for the establishment of a trust to carry out the termination agreement and effect a 
18sale pursuant to this section. A termination agreement and all ratifications thereof shall be 
19recorded in the registry of deeds or land registration office in each district in which a portion of 
20the time-share property is situated and shall be effective only upon such recording. 
21 (d) Unless a termination agreement sets forth the material terms of a contract or proposed 
22contract under which an estate or interest in each time-share unit equal to the sum of the time-
23shares therein is to be sold and designates a trustee or board of trustees to effect the sale, title to 
24an estate or interest in each time-share unit equal to the sum of the time-shares therein shall vest 
25upon termination in the time-share owners thereof in proportion to the respective interests of the 
26time-share owners as provided in subsections (i) and (j) and liens on the time-shares shall attach 
27to and encumber said interests. A co-owner of said estate or interest in a unit may thereafter 
28maintain an action for partition or for allotment or sale in lieu of partition. 
29 (e) If a termination agreement sets forth parameters for the material terms of a contract or 
30proposed contract under which an estate or interest in each time-share unit equal to the sum of 
31the time-shares therein is to be sold and designates the board of the time-share owners 
32association as trustees, or designates an individual or group of individuals as trustees, to effect 
33the sale, title to said estate or interest shall vest upon termination in the said trustees for the 
34benefit of the time-share owners and shall be transferred pursuant to the contract of sale. Net 

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35proceeds of the sale shall be distributed to time-share owners and lienholders as their interests 
36may appear, as provided in subsections (i) and (j). 
37 (f) The termination of a time-share plan shall not change the status of the underlying 
38owners’ association. Upon termination of a time-share plan, such association shall continue to 
39exist only for the purposes of concluding its affairs, prosecuting and defending actions by or 
40against such association, collecting and discharging obligations, disposing of and conveying its 
41property, collecting and dividing its assets and otherwise complying with this section. 
42 (g) All reasonable expenses incurred by a termination trustee relating to the performance 
43of the trustee’s duties pursuant to this act, including the reasonable