Judicial declaration of failure in management
(1) A court of competent jurisdiction, upon petition by timeshare owners constituting at least 10 percent of the total number of timeshare owners in a timeshare plan, may declare a failure in the management of the timeshare plan and timeshare property and appoint a trustee to assume the duties of a managing entity for the timeshare plan, if the court finds that:
(a) The management of the timeshare plan and timeshare property has failed to carry out the duties of a managing entity under the timeshare instrument and ORS 94.846 (Designation of managing entity) to 94.858 (Owners association);
(b) The rights of the timeshare owners under the timeshare instrument will be substantially impaired if a trustee is not appointed; and
(c) No reasonable alternative exists to appointment of a trustee to perform the functions of a managing entity.
(2) The court may attach such conditions and terms to its appointment of a trustee under subsection (1) of this section as the court considers necessary to protect the rights of timeshare owners under the timeshare instrument.
(3) The trustee shall send a copy of the courts decision to the Real Estate Commissioner. [1983 c.530 §15; 1991 c.64 §3]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information