Louisiana Revised Statutes 9:2991.6 – A. When an instrument evidencing a sale of mineral rights by mail solicitation contains the disclosure required by this Part, the transferor may rescind the agreement within a period
Terms Used In Louisiana Revised Statutes 9:2991.6
- Contract: A legal written agreement that becomes binding when signed.
- 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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.
A. When an instrument evidencing a sale of mineral rights by mail solicitation contains the disclosure required by this Part, the transferor may rescind the agreement within a period of sixty days after the date on which the transferor signs it.
B. When an instrument evidencing a sale of mineral rights by mail solicitation does not contain the disclosure required by this Part, the transferor may rescind the agreement within a peremptive period of three years after the date on which the transferor signs it.
C. The timely rescission of a sale of mineral rights by mail solicitation that is an option, right of first refusal, or contract to sell also rescinds any act of transfer subsequently executed pursuant to such contract.
Acts 2016, No. 179, §1, eff. May 19, 2016.