Protection of purchaser from other estates and interests

(1) Subject to subsection (2) of this section, but notwithstanding any other law to the contrary, (a) in no event shall the foreclosure, exercise of power of sale or pursuit of any other right or 24 remedy under a mortgage, other debt instrument, charge or lien covering all or any portion of a property or accommodation (whether covering real or personal property or both) extinguish or impair a purchaser’s timeshare rights in a timeshare unit, irrespective of whether or not any such mortgage, other debt instrument, charge or lien is given or filed on record prior to completion of the development of the timeshare property, accommodation or units; (b) in no event shall the determination of any leasehold estate in real property subject to a timeshare property extinguish or impair a purchaser’s time-share rights in a timeshare unit, irrespective of whether any such leasehold estate was created prior to completion of the development of the timeshare property, accommodation or units; (c) a trustee or any other person shall not, in any proceedings under the Bankruptcy Act Cap. 244, in which a timeshare property or timeshare accommodation is included among a bankrupt’s property, be permitted to disclaim any timeshare rights or any interest flowing therefrom. (2) Nothing in this Act is intended to prohibit the foreclosure, exercise of a power of sale or pursuit of other right or remedy pursuant to this Act or any other law relating to, (a) a mortgage or other debt instrument covering a purchaser’s timeshare rights that was given by a purchaser as a purchase money lien; (b) a charge or lien that is taken or retained by a developer from a purchaser in order to secure the payment by the purchaser of all or part of the price related to the acquisition of timeshare rights by the purchaser.