§ 51-23-23 — Remedies

North Dakota § 51-23-23

• Jurisdiction: North Dakota
• Title 51: Sales and Exchanges
• Ch. 51-23: Commodities Transactions

Text

Every sale or contract for sale made in violation of this chapter, or of any rule or order
issued by the commissioner under this chapter, is voidable at the election of the purchaser. The
person making a sale or contract for sale, and every director, officer, salesperson, or agent of or
for the person who participated or aided in any way in making the sale is jointly and severally
liable to the purchaser. The purchaser may sue either to recover the full amount paid by the
purchaser and any court costs, interest at a rate consistent with section 47-14-05, and
reasonable attorney's fees, less the amount of any income received on the commodities upon
tender to the seller of the commodities sold or of the contracts made. If the person no longer
owns the commodities, the person may sue for damages that would be recoverable upon a
tender, less the value of the commodities when the purchaser disposed of the commodities and
interest from the date of disposition. However:
1. No action may be brought under this section for the recovery of the purchase price
after five years from the date of the sale or contract for sale.
2. No purchaser may claim or have the benefit of this section if the purchaser refused or
failed to accept, within thirty days from the date of the offer, an offer in writing of the
seller to take back the commodity contract in question and to refund the full amount
paid by the purchaser, together with interest on the amount for the period from the
date of payment by the purchaser to the date of repayment.
3. This chapter does not limit any statutory or common-law right of any person in any
court for any act involved in the sale of commodities.