Louisiana Revised Statutes 9:2991.7 – A. Rescission of a sale of mineral rights by mail solicitation must be made by written notice to the transferee and is effective between the parties when the notice of rescission is
Terms Used In Louisiana Revised Statutes 9:2991.7
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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. Rescission of a sale of mineral rights by mail solicitation must be made by written notice to the transferee and is effective between the parties when the notice of rescission is transmitted.
B. If the instrument evidencing a sale of mineral rights by mail solicitation contains the disclosure required by this Part, a third person acquiring an interest in mineral rights from the transferee is subject to the effect of a notice of rescission filed within ninety days after the date of the filing of the instrument. In all other cases, rescission may not impair the rights of any third person who acquired an interest in the mineral rights prior to the time that the notice of rescission was filed for registry.
C. A notice of rescission is without effect as to third persons unless it contains the name of the transferee and the transferor.
Acts 2016, No. 179, §1, eff. May 19, 2016.