§2991.7. Rescission; method of making; effects as to third persons
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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
