Any agreement to purchase an interest in a real estate cooperative entered into in violation of this chapter may, at the option of the purchaser, be voided and the purchaser’s entire consideration paid together with interest at the legal rate, any costs, and reasonable attorney’s fees shall be recovered. However, no suit under this section may be brought more than two years after:

(1)	the date the agreement is signed; or

(a)	the fee interest in the real estate is held by a corporation, partnership, trust, or other legal entity;

(b)	an individual's interest in the cooperative is evidenced in a form such as stock, participation shares, membership certificates, or similar instrument; and

(c)

the participating individual's right of occupancy is demonstrated by a proprietary lease or similar instrument. See Utah Code 57-23-2 real estate: means any right, title, estate, or interest in land, including all nonextracted minerals located in, on, or under the land, all buildings, fixtures and improvements on the land, and all water rights, rights-of-way, easements, rents, issues, profits, income, tenements, hereditaments, possessory rights, claims, including mining claims, privileges, and appurtenances belonging to, used, or enjoyed with the land or any part of the land. See Utah Code 57-1-1

(2)

the date the purchaser knew or reasonably should have known of the violation.

Enacted by Chapter 169, 1992 General Session