Section 514E-26 - Termination of a trust(a) In the case of a time share use plan, the trust for the time share units shall be irrevocable during the time that any owner of a time share interest has a right to the occupancy of a time share unit, except as provided in subsection (c).(b) In a time share ownership plan, the trust for a time share unit shall be irrevocable until all blanket liens are extinguished, except as provided in subsection (c).(c) The developer may elect to terminate the use of a trust for a time share unit if, at a later date[:] (1) The trustee records a notice of time share plan after the recording of either:(A) Nondisturbance agreements executed by every lienholder who has a blanket lien against the time share unit, or(B) The director's acceptance of a surety bond or irrevocable letter of credit for that unit; or(2) The director approves alternative arrangements [that] permit the termination of the trust.