3-3-3: APPLICATION OF PROVISIONS; EXEMPTIONS:

   A.   This chapter applies to all timeshare units which shall include "timeshare estate" and "timeshare license", as defined in section 3-3-2 of this chapter.

   B.   A public offering statement need not be prepared or delivered in the case of:

      1.   A disposition pursuant to court order;

      2.   A disposition by government or governmental agencies;

      3.   A disposition by judicial foreclosure. (1990 Code)