57-29-305. Voidable agreements.
113 words·~1 min read·
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Effective 5/10/2016
57-29-305. Voidable agreements.
(a)If a sponsor violates a provision of this chapter in entering into an agreement to purchase an undivided fractionalized long-term estate, the purchaser may rescind the agreement.
(b)A purchaser may rescind an agreement under this Subsection
(1)at any time before the closing.
(2)A purchaser who rescinds an agreement in accordance with Subsection
(1)is entitled to all the consideration that the purchaser gave under the rescinded agreement.
(3)In an action to enforce a purchaser's right of rescission under Subsection
(1), the court shall award costs and reasonable attorney fees to the prevailing party.
Enacted by Chapter 381 , 2016 General Session