Oklahoma § 71-659 - Liability to purchaser - Persons liable - Limitation of

§ 71-659. Liability to purchaser - Persons liable - Limitation of

actions.

Any person who:

1. Offers or disposes of subdivided land in violation of

Sections 621, 631 or 653 of this Code, or any rule relating thereto,

or any condition imposed under Sections 625 through 627 of this

Code, or any order under this Code of which he has notice; or

2. Offers or disposes of subdivided land by means of any untrue

statement of a material fact or any omission to state a material

fact necessary to make the statement, in light of the circumstances

under which it was made, not misleading, where the purchaser is

unaware of the untruth or omission;

shall be liable to the person purchasing the subdivided land from

him. Such purchaser may sue to recover the consideration paid for

the subdivided land and any taxes, assessments, membership fees or

consideration of a similar nature paid thereon or in connection

therewith, together with reasonable attorney fees and interest at

the rate of ten percent (10%) per year from the date of payment,

less the amount of any income received on the land, upon the tender

of the land, or for damages if he no longer owns the land. Damages

are the amount that would be recoverable upon a tender less the

value of the land when the purchaser disposed of it and interest at

a legal rate from the date of disposition. Tender shall require

Oklahoma Statutes - Title 71. Securities

only notice of willingness to exchange the land for the amount

specified. Any notice may be given by service as in civil actions

or by certified mail addressed to the last-known address of the

person liable.

B. 1. Every person who directly or indirectly controls a

subdivider who may be liable under this Code, every general partner,

officer or director of a subdivider, every person occupying a

similar status or performing a similar function, every employee of

the subdivider who materially aids in the disposition and every

agent who materially aids in the disposition is also liable jointly

and severally with and to the same extent as any person liable under

subsection A of this section, if he knew or in the exercise of

reasonable care should have known of the existence of the facts by

reason of which the liability is alleged to exist. There is a right

to contribution as in cases of contract among persons so liable.

2. Every person whose occupation gives authority to a statement

which with his consent has been used in an application for

registration or public offering statement, if he is not otherwise

associated with the subdivision and development plan in a material

way, is liable only for false statements and omissions in his

statement if he knew or in the exercise of the reasonable care of a

person in his occupation should have known of the existence of the

facts by reason of which the liability is alleged to exist.

C. No action shall be maintained under this section unless

commenced before the expiration of five (5) years after the act or

transaction constituting the violation.

D. 1. No purchaser may commence an action under this section

if, before suit is commenced, the purchaser has received a written

offer stating the respect in which liability under this section may

have arisen, thoroughly advising the purchaser of his rights,

offering to repurchase the land or interest held by the purchaser

for cash on the same basis as provided in subsection A of this

section, payable on delivery of title to the land or other interest

therein or, if the purchaser no longer owns the land, offering to

pay the purchaser upon acceptance of the offer an amount in cash

equal to the damages computed in accordance with subsection A of

this section, and stating that the offer may be accepted by the

purchaser at any time within a specified period of not less than

sixty (60) days after the date of receipt thereof or such shorter or

longer period as the Administrator may by rule prescribe, and the

purchaser has failed to accept such offering in writing within the

specified period.

2. Offers shall be in the form and contain the information the

Administrator by rule prescribes. Every offer under this subsection

shall be delivered to the offeree or sent by certified mail

addressed to him at his last-known address. Notwithstanding the

Oklahoma Statutes - Title 71. Securities

provisions of this subsection, suit by the offeree for breach of the

terms in the offer pursuant to this section shall be permitted.

E. Any condition, stipulation or provision binding any person

acquiring any subdivided land to waive compliance with any provision

of this Code or any rule or order hereunder is void.

F. The rights and remedies under this Code are in addition to

any other rights or remedies that may exist at law or in equity.

Added by Laws 1977, c. 95, § 659.