76-4-1247. Civil remedies. (1) Any person who disposes of subdivided lands in violation of 76-4-1226, who in disposing of subdivided lands makes an untrue statement of a material fact, or who in disposing of subdivided lands omits a material fact required to be stated in a registration statement or public offering statement or necessary to make the statements made not misleading is liable as provided in this section to the purchaser unless, in the case of an untruth or omission, it is proved that the purchaser knew of the untruth or omission or that the person offering or disposing of subdivided lands did not know and in the exercise of reasonable care could not have known of the untruth or omission or that the purchaser did not rely on the untruth or omission.
     (2) In addition to any other remedies, the purchaser, under subsection (1), may recover the consideration paid for the lot, parcel, unit, or interest in subdivided lands, together with interest at the rate of 6% per year from the date of payment, property taxes paid, costs, and reasonable attorneys' fees less the amount of any income received from the subdivided lands, upon tender of appropriate instruments of reconveyance. If the purchaser no longer owns the lot, parcel, unit, or interest in subdivided lands, he may recover the amount that would be recoverable upon a tender of a reconveyance less the value of the land when disposed of and less interest at the rate of 6% per year on that amount from the date of disposition.
     (3) A tender of reconveyance may be made at any time before the entry of judgment.

     History: En. Sec. 16, Ch. 97, L. 1969; R.C.M. 1947, 67-2132(a), (b), (e).