43-15B-1."Time-share" defined.
For purposes of this chapter, the term "time-share" means the right to use and occupy a living unit, of which the use and occupancy right is divided among persons holding similar interests within that living unit according to a fixed or variable time schedule on a periodic basis and allotted from the use or occupancy into which the time-share project is divided. There is no distinction between a "time-share use" and a "time-share estate."
Source: SL 1983, ch 273, §1.