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Abstract

This Note will explore the property interests created by timeshare licenses in New York, advocating that a participation interest in realty is created and that the Martin Act is applicable to these licenses. Part II discusses the interests created by timeshare licenses as they relate to the real property concepts of license and lease. Part III examines the provisions and purpose of the Martin Act and the application of the profit potential theory to define the realty interests requiring the Act's protection. Part IV advocates legislative and case law alternatives to the New York "profit potential" approach. As a case law alternative, the risk-capital theory which focuses on "valuable benefit" rather than "profit potential" will be discussed. As a legislative alternative, proposed legislation General Business Law Section 352-eeeee, classifying timeshares as participation interest in realty, will also be addressed and advocated. This Note concludes in Part V that timeshare licenses are participation interests in realty, creating a property interest, regardless of profit potential, which requires consumer protection under the Martin Act.

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