Interval Ownership Law and Legal Definition

Interval ownership means any arrangement, plan, scheme or similar device; whether by membership, agreement, tenancy in common, sale, lease, deed rental agreement, license, right to sue agreement, or by any other means, whereby a purchaser receives a right to use accommodations for a specific period of time. [Mississippi Real Estate Com. v. Geico Financial Services, Inc., 602 So. 2d 1155, 1157-1158 (Miss. 1992)].