HB1139 - Land Court System

• Removes fee time share transactions from the Land Court System by allowing automatic deregistration when fee time share interests are conveyed, with certificates of title recorded in the Bureau of Conveyances instead.

• Provides all landowners with the option to voluntarily transfer their property from the Land Court System to the Regular System of the Bureau of Conveyances by presenting a notarized affidavit with a conveyance instrument.

• Establishes that deregistered land remains subject to prior land court decrees determining title and limits on liability for compensation, while new transactions are recorded under chapter 502 (Bureau of Conveyances) rather than chapter 501 (Land Court).

• Clarifies that fee time share interests maintain their status as real property and specifies which documents relating to deregistered land must be registered versus recorded in the Bureau of Conveyances.

• Takes effect July 1, 2009.