§ 71-643. Contracts - Voiding - Rescinding - Revoking.

In connection with dispositions of subdivided lands required to be registered under this Code:

1.  Any contract or agreement for the disposition is voidable at the discretion of the purchasers if the public offering statement has not been given to the purchasers as required by subsection A of Section 626 of this Code; and

2.  A purchaser has an unconditional right to rescind any contract, agreement or other evidence of indebtedness, or to revoke any offer, until five (5) days after the date the purchaser actually receives a legible copy of the signed contract, agreement or other evidence of indebtedness or offer and the public offering statement. Until five (5) days after a purchaser actually receives all documents, a right to rescind may be exercised.  Predating of a document does not defeat the time in which the right to rescind may be exercised.

Added by Laws 1977, c. 95, § 643.