Louisiana Revised Statutes 9:1131.30 – Preservation of claims and defenses
Terms Used In Louisiana Revised Statutes 9:1131.30
- Contract: A legal written agreement that becomes binding when signed.
- Contract: includes any agreement conferring the rights and obligations of a timeshare ownership on the purchaser. See Louisiana Revised Statutes 9:1131.2
- Purchaser: means any person to whom a timeshare interest is offered or who has contracted to purchase a timeshare interest. See Louisiana Revised Statutes 9:1131.2
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- Timeshare interest: means an ownership "timeshare interest" a lease timeshare interest, a timeshare estate, and a timeshare use unless expressly provided otherwise and includes any of the following:
(a) A "timeshare estate" which is the right to occupy a timeshare property, coupled with present ownership or some right to future ownership in a timeshare property or a specified portion thereof. See Louisiana Revised Statutes 9:1131.2
A. Any cause of action or defense, for which the remedy of rescission of a sale is provided in the Louisiana Condominium Act,* which a purchaser may raise against a timeshare interest seller arising out of a timeshare interest sale is preserved against any assignee or successor to the contract of sale or to any credit contract executed by the purchaser in connection with the timeshare interest sale.
B. Sellers and creditors shall include the following language in promissory notes executed in connection with timeshare interest sales:
NOTICE
ANY HOLDER OF THIS CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES FOR WHICH RESCISSION OF THE CONTRACT OF SALE IS PROVIDED IN THE LOUISIANA CONDOMINIUM ACT AND WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF SERVICES OR PROPERTY OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS THEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER.
Acts 1984, No. 943, §3, eff. July 20, 1984.
*R.S. 9:1121.101.