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RS 9:1113 Partition of immovable property; minority interest; private sale; appraisal

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§1113.Partition of immovable property; minority interest; private sale; appraisal A.If immovable property is susceptible of partition by licitation or private sale pursuant to Civil Code Article 811 and a co-owner or co-owners owning an aggregate interest of fifteen percent or less of the immovable property petition the court to partition the property, the court shall allow the remaining co-owners to purchase at private sale the petitioners' shares at a price determined by a court-appointed appraiser. B.(1)Each remaining co-owner shall only be entitled to purchase a portion of the property being sold equal to his pro rata share.Each remaining co-owner shall have thirty days from the date the last defendant is served with the petition to partition or thirty days from receipt of written notice, sent by certified mail or commercial courier, from a co-owner waiving his right to purchase, whichever is earlier, in which to file a notice to exercise his option to purchase his pro rata share of the property being sold.The filed notice, which shall be served on all parties, shall be considered a fully binding contract to purchase the property. (2)Upon the lapse of the thirtieth day, any co-owner who has failed to timely exercise his option to purchase the property shall relinquish his right to purchase his pro rata share.The relinquishment of the right to purchase shall enure to the benefit of the remaining purchasing co-owners, who shall then be entitled to purchase, by pro rata share, the shares made available by the co-owner who relinquished his right to purchase.Each remaining purchasing co-owner shall have an additional ten days from the previous deadline to file his notice to purchase the relinquished shares. (3)The procedures provided in this Subsection shall continue until there are no outstanding forfeited shares; however, the court may use its discretion in rounding the shares of the co-owners to the nearest hundredth share. (4)The initial calculation of the pro rata share in Subsection B of this Section shall be based on the percentage of ownership of potential purchasing co-owners, excluding the petitioning co-owners.When a potential purchasing co-owner relinquishes his right to purchase, the pro rata share shall be recalculated to include only the remaining purchasing co-owners, excluding the relinquishing co-owners.Once a purchasing co-owner relinquishes his right to purchase his pro rata share, he shall not be entitled to file any subsequent notice to purchase in the pending action. Acts 2003, No. 156, §1, eff. June 2, 2003.
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  • §1113.  Partition of immovable property; minority interest; private sale; appraisal

    A.  If immovable property is susceptible of partition by licitation or private sale pursuant to Civil Code Article 811 and a co-owner or co-owners owning an aggregate interest of fifteen percent or less of the immovable property petition the court to partition the property, the court shall allow the remaining co-owners to purchase at private sale the petitioners' shares at a price determined by a court-appointed appraiser.

    B.(1)  Each remaining co-owner shall only be entitled to purchase a portion of the property being sold equal to his pro rata share.  Each remaining co-owner shall have thirty days from the date the last defendant is served with the petition to partition or thirty days from receipt of written notice, sent by certified mail or commercial courier, from a co-owner waiving his right to purchase, whichever is earlier, in which to file a notice to exercise his option to purchase his pro rata share of the property being sold.  The filed notice, which shall be served on all parties, shall be considered a fully binding contract to purchase the property.

    (2)  Upon the lapse of the thirtieth day, any co-owner who has failed to timely exercise his option to purchase the property shall relinquish his right to purchase his pro rata share.  The relinquishment of the right to purchase shall enure to the benefit of the remaining purchasing co-owners, who shall then be entitled to purchase, by pro rata share, the shares made available by the co-owner who relinquished his right to purchase.  Each remaining purchasing co-owner shall have an additional ten days from the previous deadline to file his notice to purchase the relinquished shares.

    (3)  The procedures provided in this Subsection shall continue until there are no outstanding forfeited shares; however, the court may use its discretion in rounding the shares of the co-owners to the nearest hundredth share.

    (4)  The initial calculation of the pro rata share in Subsection B of this Section shall be based on the percentage of ownership of potential purchasing co-owners, excluding the petitioning co-owners.  When a potential purchasing co-owner relinquishes his right to purchase, the pro rata share shall be recalculated to include only the remaining purchasing co-owners, excluding the relinquishing co-owners.  Once a purchasing co-owner relinquishes his right to purchase his pro rata share, he shall not be entitled to file any subsequent notice to purchase in the pending action.

    Acts 2003, No. 156, §1, eff. June 2, 2003.

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