§2991.9. Effects of rescission
A. A transferor who exercises the right to rescind under this Part shall return to the
transferee within sixty days after rescission any payments made by the transferee. A
transferor's failure to return such payments gives rise to a cause of action for return of the
payments but does not prevent rescission.
B. A transferee against whom the right to rescind is exercised under this Part shall
pay to the transferor within sixty days after rescission any royalties and other payments
received by the transferee plus interest on those royalties and other payments from the date
received by the transferee.
C. When an instrument evidencing a sale of mineral rights by mail solicitation does
not contain the disclosure required by this Part, a transferee against whom the right to rescind
is exercised shall be liable for attorney fees and court costs. In such a case, in addition to
restoring any royalties or other payments due to the transferor, a court may further award as
damages an amount up to twice the sum of royalties and other payments received by the
transferee.
Acts 2016, No. 179, §1, eff. May 19, 2016.