(1)(a) Upon petition by the Real Estate Commissioner or a majority of active purchasers not then in default under their membership camping contracts, a court of competent jurisdiction may declare a failure of management of the membership camping operator and appoint a trustee to assume the membership camping operator’s duties under the membership camping contracts, if the court finds that:
(A) Irreparable injury to the rights of the purchasers is likely to occur unless a trustee is appointed; and
(B) There is no reasonable alternative to appointment of a trustee.
(b) For purposes of this subsection, “active purchaser” means a current, dues-paying member of the membership camping operator.
(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 the purchasers under the membership camping contract. The trustee shall provide a copy of the court’s decision in such a case to the commissioner.
(3) If the court petitioned under subsection (1) of this section finds that there is a reasonable alternative to the appointment of a trustee, the court may order the membership camping operator to carry out the reasonable alternative and may attach to its order such terms and conditions as it considers necessary to protect the rights of the purchasers under the membership camping contracts. [1991 c.377 §4]Section: Previous 94.962 94.965 94.968 94.971 94.974 94.975 94.976 94.977 94.980 94.983 94.986 94.987 94.989 94.990 94.991 Next
Last modified: August 7, 2008