Tennessee § 66-32-114 Mutual rights of cancellation

Tennessee Statutes

§ 66-32-114 — Mutual rights of cancellation

(a)Before transfer of a time-share interval and no later than the date of any sales contract, the developer shall provide the intended transferee with a copy of the public offering statement and any amendments and supplements thereto. The contract is voidable by the purchaser until the purchaser has received the public offering statement. The contract is also voidable by the purchaser for ten (10) days from the date of the signing of the contract by the purchaser if the purchaser shall have made an on-site inspection of the time-share project or any component site prior to the signing of the contract, and if the purchaser did not make an on-site inspection of the time-share project or any component site prior to signing the contract, for fifteen (15) days thereafter. Cancellation is witho

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Before transfer of a time-share interval and no later than the date of any sales contract, the developer shall provide the intended transferee with a copy of the public offering statement and any amendments and supplements thereto. The contract is voidable by the purchaser until the purchaser has received the public offering statement. The contract is also voidable by the purchaser for ten (10) days from the date of the signing of the contract by the purchaser if the purchaser shall have made an on-site inspection of the time-share project or any component site prior to the signing of the contract, and if the purchaser did not make an on-site inspection of the time-share project or any component site prior to signing the contract, for fifteen (15) days thereafter. Cancellation is without penalty, and all payments made by the purchaser before cancellation must be refunded within thirty (30) days after receipt of the notice of cancellation as provided in subsection (c). (b) During the applicable rescission period, the developer may cancel the contract of purchase without penalty to either party. The developer shall return all payments due, the purchaser shall return all material received in good condition, reasonable wear and tear excepted. If such materials are not returned, the developer may deduct the cost of the same and return the balance to the purchaser. (c) If either party elects to cancel a contract pursuant to subsection (a) or (b), then that party may do so by: (1) Hand delivering notice of cancellation to the other party within the designated period for voiding the contract; (2) Mailing notice of cancellation by prepaid United States mail, postmarked anytime within the designated period for voiding the contract, to the other party or to the other party's agent for service of process; or (3) Sending notice of cancellation via electronic mail, time stamped within the designated period for voiding the contract to the other party. (d) The purchaser and the developer shall not waive the rescission rights set forth in subsections (a) and (b).

Tennessee § 66-32-114 (Mutual rights of cancellation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Amended by 2022 Tenn. Acts, ch. 835, s 1, eff. 1/1/2023. Amended by 2019 Tenn. Acts, ch. 147, s 1, eff. 4/17/2019. Acts 1981, ch. 372, § 15; T.C.A., § 64-3215; Acts 1983, ch. 210, § 5.