Any agreement to purchase an interest in a real estate cooperative entered into in violation of this chapter may, at the option of the purchaser, be voided and the purchaser’s entire consideration paid together with interest at the legal rate, any costs, and reasonable attorney’s fees shall be recovered. However, no suit under this section may be brought more than two years after:

(1) the date the agreement is signed; or
contract signature

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Terms Used In Utah Code 57-23-9

  • Cooperative: means a form of coownership of real estate in which:
         (1)(a) the fee interest in the real estate is held by a corporation, partnership, trust, or other legal entity;
         (1)(b) an individual's interest in the cooperative is evidenced in a form such as stock, participation shares, membership certificates, or similar instrument; and
         (1)(c) the participating individual's right of occupancy is demonstrated by a proprietary lease or similar instrument. See Utah Code 57-23-2
(2) the date the purchaser knew or reasonably should have known of the violation.

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