Section 43-4-54 - Effect of failure to record notice of private transfer fee obligation

43-4-54. Effect of failure to record notice of private transfer fee obligation.If the payee fails to comply fully with §43-4-52, the grantor of any real property burdened by the private transfer fee obligation may proceed with the conveyance of any interest in the real property to any grantee and in so doing is deemed to have acted in good faith and is not subject to any obligations under the private transfer fee obligation. In such event, the real property thereafter shall be conveyed free and clear of such transfer fee and private transfer fee obligation. Source: SL 2011, ch 196, §9.