CC 2628

154 words·~1 min read·/la/2628

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

CC 2628

Art. 2628. Time limitation for option and right of first refusal

An option or a right of first refusal that concerns an immovable thing may not be granted for a term longer than ten years. If a longer time for an option or a right of first refusal has been stipulated in a contract, that time shall be reduced to ten years. Nevertheless, if the option or right of first refusal is granted in connection with a contract that gives rise to obligations of continuous or periodic performance, an option or a right of first refusal may be granted for as long a period as required for the performance of those obligations.

Acts 1993, No. 841, §1, eff. Jan. 1, 1995; Acts 2003, No. 1005, §1, eff. July 2, 2003.

NOTE: See Acts 2003, No. 1005, §2, relative to application.

NOTE: See Acts 2004, No. 24, §§2 and 3, relative to application.