Persons engaged in the following transactions involving time–shares are not required to register with the Commission, to prepare a public offering statement, or to deliver documents described in § 11A–115 of this title: A gratuitous disposition; A disposition pursuant to court order; A disposition by a government or governmental agency; A disposition by foreclosure or deed in lieu of foreclosure or by enforcement of a lien or security interest; A disposition that may be canceled at any time and for any reason by the purchaser without penalty; A disposition of a time–share in a unit situated wholly outside this State pursuant to a contract executed and negotiated wholly outside this State; or A disposition of a time–share project or all time–shares therein to one purchaser.