Upon the execution and delivery of the contract, the board of directors shall cause it to be recorded in the records of mortgages in the counties in which any part of the lands covered by the contract are located. Upon recordation, the contract shall become effective in accordance with its terms as of the effective date agreed upon in the contract. As of the effective date, the rights, privileges, liabilities and obligations of all parties to the contract, as described in the contract, shall govern and control all parties in lieu of all statutory rights, privileges, liabilities and obligations theretofore governing and controlling the parties in the premises. [Formerly 545.316]
Section: Previous 545.631 545.633 545.635 545.637 545.639 545.643 545.645 545.647 545.649 545.651 545.652 545.654 545.655 545.656 545.658 NextLast modified: August 7, 2008