[§667-62]  Time share interest foreclosure under power of sale; notice; affidavit after sale.  (a)  When a power of sale is contained in a mortgage of a time share interest, the mortgagee or the mortgagee's successor in interest or any person authorized by the power to act in the premises, upon a breach of the condition, may foreclose upon the mortgage by:

     (1)  Giving notice of the intention to foreclose the mortgage and of the sale of the mortgaged time share interest by:

          (A)  Certified mail, return receipt requested, to the mortgagor at the mortgagor's last known address, for mortgagors whose address is within the United States; or

          (B)  Mail to the mortgagor at the mortgagor's last known address, for mortgagors whose address is outside the United States; and

          (C)  Publication once in each of three successive weeks (three publications), the last publication to be not less than fourteen days before the day of sale, in a newspaper of general circulation in the county in which the mortgaged time share interest lies; and

     (2)  Giving such notices and [doing] all such acts as are authorized or required by the power contained in the mortgage.

Copies of the notice shall be filed with the state director of taxation and shall be posted on the premises of the time share interest not less than twenty-one days before the day of sale.

     (b)  The day of sale may be at any time after four weeks from the date of publication of the first notice pursuant to subsection (a)(1).  Any sale of which notice has been given pursuant to subsection (a) may be postponed from time to time by public announcement made by the mortgagee or by some person acting on the mortgagee's behalf.

     (c)  Within thirty days after selling the time share interest pursuant to the power of sale, the mortgagee shall file a copy of the notice of sale and the mortgagee's affidavit in the bureau of conveyances.  The affidavit may lawfully be made by any person duly authorized to act for the mortgagee and in such capacity conducting the foreclosure, and shall set forth the mortgagee's acts in the time share interest fully and with particularity.  The notice may contain a description of the mortgaged time share interest and the time and place proposed for its sale.

     (d)  The affidavit and copy of the notice shall be recorded and indexed by the registrar of conveyances as provided in chapter 501 or 502, as the case may be. [L 2005, c 82, pt of §1]

Revision Note

  Pursuant to §23G-15, in:

  (1)  Subsection (a)(1), comma deleted after "the mortgage"; and

  (2)  Subsection (a)(2), "do" changed to "doing".