ADRE LAW BOOK 2025

1. Employ any device, scheme or artifice to defraud. 2. Obtain money or property by means of a material misrepresentation with respect to any information included in the notice of intention or the public report or with respect to any other information pertinent to the lot, parcel or subdivision and on which the purchaser relies. 3. Engage in any transaction, practice or course of business that operates or would operate as a fraud or deceit on a purchaser. D. Except as provided in subsection E of this section, damages in any suit brought pursuant to this section shall be the difference between the purchase price of the lot or parcel plus the cost of any improvements made to such lot or parcel and the following applicable amount: 1. The price at which such lot or parcel was sold in a bona fide market transaction prior to suit or judgment. 2. If the lot or parcel has not been sold before judgment, the current market value of the lot or parcel and any improvements as of the date the suit was filed. E. The damages described in subsection D of this section shall not exceed the dollar amount that is the difference in price or market value that results from the untrue statement of material fact or omission of material fact that is required to be stated in the public report. F. In any action in which a violation of this section is established the purchaser shall also be entitled to recover reasonable attorney fees as determined by the court. If a violation is not established, the court, in its discretion, may award reasonable attorney fees to the defendant. G. Every person who becomes liable to make any payment pursuant to this section may recover contribution as in cases of contract from any person who, if sued separately, would have been liable to make the same payment. H. In no case shall the amount recoverable pursuant to this section exceed the sum of the purchase price of the lot or parcel, the reasonable cost of improvements installed by the purchaser and rea sonable court costs and attorneys’ fees. I. Nothing contained in this section shall be construed to preclude any other remedies that may exist at law or in equity. J. No action shall be maintained to enforce any liability created pursuant to subsection A or B of this section unless brought within one year after the discovery of the untrue statement or the omis sion or after such discovery should have been made by the exercise of reasonable diligence. No action shall be maintained to enforce any liability created pursuant to subsection C of this section unless brought within two years after the violation on which it is based. In no event shall any such action be brought by a purchaser more than three years after the sale or lease to such purchaser. 32-2183.04. Surety bond requirement; form; cancellation; effective date; certificate of deposit A. In addition to any other fees assessed under this chapter, any subdivider prior to the sale or lease of any existing unimproved lots or parcels and any subdivider who is subsequently required to give notice under section 32-2181 or 32-2195 or who petitions for exemption under section 32-2181.01 may be required to post a surety bond with the commissioner if any of the following applies: 1. The subdivider has been found in violation of any subdivision laws of this state or of any other state or any of the rules of the state real estate department. 2. The subdivider has been found in violation of the interstate land sales full disclosure act or any of the rules and regulations of the office of interstate land sales registration. 3. The subdivider has been found by a court of competent jurisdiction to be guilty of fraud

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