Wisconsin § 707.38 - Blanket encumbrances; liens.

§ 707.38. Blanket encumbrances; liens.

707.38(1) (1) Definition. In this section, “blanket encumbrance” means any mortgage, lien or other interest which secures or evidences an obligation to pay money or to convey or otherwise dispose of all or any part of a time-share property, affects the time-share property or time shares owned by more than one time-share owner and permits or requires the foreclosure or other disposition of the time-share property to which it attaches, but does not include any of the following: 707.38(1)(a) (a) A lien for taxes and assessments levied by a public body which are not yet due and payable. 707.38(1)(b) (b) A lien for common expenses in favor of a homeowners’, condominium or community association which is not a judgment lien. 707.38(1)(c) (c) A lease. 707.38(1)(d) (d) A recorded agreement for the payment of reasonable fees or other compensation for management services performed on behalf of the time-share property. 707.38(1)(e) (e) Any interest arising from an agreement to sell or pledge the ownership interest in an individual time share. 707.38(1m) (1m) Nondisturbance agreement. If delivery of a time-share disclosure statement is required under s. 707.41 (2) , a developer whose project is subject to a blanket encumbrance shall, before transferring a time share, obtain from the holder of the blanket encumbrance a nondisturbance agreement, which shall be recorded in the office of the register of deeds under s.