2018 Louisiana Laws
Revised Statutes
TITLE 9 - Civil Code-Ancillaries
RS 9:2991.5 - Required disclosure; form notice of rescission

§2991.5. Required disclosure; form notice of rescission

            An instrument evidencing a sale of mineral rights by mail solicitation shall contain on the first page, under the caption "The Seller's Right to Cancel", the following disclosure, or one substantially similar, in conspicuous and legible type that is not smaller than fourteen-point font and is in contrast by typography, layout, or color with any other printing on the instrument, with all relevant information provided by the transferee:

"THIS IS A [SALE] [CONTRACT REQUIRING THE SALE] OF YOUR VALUABLE MINERAL RIGHTS. If you sign and return this agreement, you may cancel it by mailing a notice to the buyer. You may use any written statement that indicates your intention to cancel, or you may sign and return the notice provided below.

Your notice must be mailed, no later than 60 days after you signed the agreement, to the following: [insert name and mailing address of the transferee]. Within 60 days after mailing your notice, you must return any payment you have received from the buyer, and the buyer must return your mineral rights and any royalties and other payments received since the sale. You may lose important rights if you do not file your notice in the conveyance records of the parish where the property is located within 90 days after this agreement is filed in the conveyance records.

NOTICE OF CANCELLATION

I, [insert name of transferor], wish to cancel the sale or contract requiring the sale of my mineral rights to [insert name of transferee]. The affected mineral rights are all mineral rights that I transferred to the transferee in the following lands: [insert legal description of land].

            _________________________                      ______________________

Transferor's SignatureDate"

            Acts 2016, No. 179, §1, eff. May 19, 2016.