448.4-102. Liability for public offering statement requirements.
Liability for public offering statement requirements.
448.4-102. 1. Except as provided in subsection 2 of thissection, a declarant shall, prior to the offering of any interestin a unit to the public, prepare an original sale certificateconforming to the requirements of sections 448.4-103, 448.4-104,448.4-105, and 448.4-106.
2. A declarant may transfer responsibility for preparationof all or a part of the original sale certificate to a successordeclarant or to a person in the business of selling real estatewho intends to offer units in the condominium for his ownaccount. In the event of any such transfer, the transferor shallprovide the transferee with the information necessary to enablethe transferee to fulfill the requirements of subsection 1 ofthis section.
3. Any declarant or other person in the business of sellingreal estate who offers a unit for his own account to a purchasershall deliver an original sale certificate in the mannerprescribed in subsection 1 of section 448.4-108. The person whoprepared all or a part of the original sale certificate is liableunder sections 448.4-108 and 448.4-113 for any false ormisleading statement set forth therein or for any omission ofmaterial fact therefrom with respect to that portion of theoriginal sale certificate which he prepared. If a declarant didnot prepare any part of an original sale certificate that hedelivers, he is not liable for any false or misleading statementset forth therein or for any omission of material fact therefromunless he had actual knowledge of such statement or omission or,in the exercise of reasonable care, should have known of suchstatement or omission.
(L. 1983 H.B. 177)