Oklahoma § 71-644 - Notice to purchaser - Signatures - Rescission of contract

§ 71-644. Notice to purchaser - Signatures - Rescission of contract

In connection with the offer or disposition of subdivided land

required to be registered under this Code:

Oklahoma Statutes - Title 71. Securities

1. Each contract, agreement or evidence of indebtedness shall

prominently contain upon its face the following notice printed in at

least sixteen-point bold type which shall be at least four (4) type

points larger than the body of the document stating:

NOTICE TO PURCHASER

YOU ARE ENTITLED TO CANCEL THIS AGREEMENT AT ANY TIME IF

YOU HAVE NOT RECEIVED THE PUBLIC OFFERING STATEMENT IN

ADVANCE OF YOUR SIGNING THIS AGREEMENT. IN ADDITION, YOU

ARE ENTITLED TO CANCEL THIS AGREEMENT FOR ANY REASON WITHIN

FIVE (5) DAYS FROM THE DAY YOU ACTUALLY RECEIVE A LEGIBLE

COPY OF THIS DOCUMENT. DO NOT SIGN A RECEIPT FOR THIS

DOCUMENT UNLESS YOU HAVE ACTUALLY RECEIVED A LEGIBLE COPY

OF IT.

The contract, agreement or evidence of indebtedness shall contain

sufficient space upon its face in immediate conjunction with the

above notice for the signature of each person obligated under such

instrument. The signature shall acknowledge that such person has

read the notice and received a legible copy of the document.

2. Exercise of the purchaser's right to rescission occurs when

the purchaser gives written notice to the subdivider or agent at the

address stated in the contract, agreement, or evidence of

indebtedness. Notice of rescission if given by mail is effective

when it is deposited in a mailbox properly addressed and postage

prepaid. A notice of rescission given by a purchaser need not take

a particular form and is sufficient if it indicates by any form or

written expression the intention of the purchaser not to be bound by

the contract, agreement or evidence of indebtedness.

3. No act of the purchaser shall be effective to waive the

right to rescind as provided in this Code.

Added by Laws 1977, c. 95, § 644.