55-1819. CIVIL REMEDY. (1) Every disposition made in violation of any of the provisions of this chapter, or of any order issued by the commission under any of the provisions of this chapter, shall be voidable at the election of the purchaser. The person making such disposition, and every director, officer, salesperson or agent of or for such person who shall have participated or aided in any way in making such disposition, shall be jointly and severally liable to such purchaser in any action at law in any court of competent jurisdiction for the consideration paid for the lot, parcel, unit or interest, together with interest at the rate of six percent (6%) per year from the date of payment, property taxes and assessments paid, court costs and reasonable attorney’s fees, less the amount of any income received from the subdivided lands, upon tender of appropriate instruments of reconveyance made at any time before the entry of judgment. If the purchaser no longer owns the lot, parcel, unit or interest in subdivided lands, he may recover the amount that would be recoverable upon a tender of a reconveyance less the value of the land when disposed of and less interest at the rate of six percent (6%) per year on that amount from the date of disposition.
(2) No action shall be brought under this section for the recovery of the consideration paid after five (5) years from the date of such disposition.
(3) Any stipulation or provision purporting to bind any person acquiring subdivided lands to waive compliance with this chapter or any rule or order under it is void.
(4) The rights and remedies provided by this chapter shall be in addition to any and all other rights and remedies that may exist at law or in equity.
History:
[55-1819, added 1972, ch. 276, sec. 19, p. 667; am. 2010, ch. 214, sec. 19, p. 480.]