Louisiana Revised Statutes 9:2991.9 – A. A transferor who exercises the right to rescind under this Part shall return to the transferee within sixty days after rescission any payments made by the transferee. A transferor
Terms Used In Louisiana Revised Statutes 9:2991.9
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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. A transferor who exercises the right to rescind under this Part shall return to the transferee within sixty days after rescission any payments made by the transferee. A transferor’s failure to return such payments gives rise to a cause of action for return of the payments but does not prevent rescission.
B. A transferee against whom the right to rescind is exercised under this Part shall pay to the transferor within sixty days after rescission any royalties and other payments received by the transferee plus interest on those royalties and other payments from the date received by the transferee.
C. When an instrument evidencing a sale of mineral rights by mail solicitation does not contain the disclosure required by this Part, a transferee against whom the right to rescind is exercised shall be liable for attorney fees and court costs. In such a case, in addition to restoring any royalties or other payments due to the transferor, a court may further award as damages an amount up to twice the sum of royalties and other payments received by the transferee.
Acts 2016, No. 179, §1, eff. May 19, 2016.