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(4) The choices available to a Louisiana fractional interest
holder with less than 80-percent ownership are to:
(a) Sell the fractional interest but incur the
additional expense of advertising and/or locating a
buyer;
(b) buy out the other interests. This process can
involve expenses and delays related to locating fractional
interest holders, recording expenses, deed preparation,
title opinions, and the possibility of perfecting title with
respect to ancestral predecessors of current owners;
(c) attempt voluntary partition in kind, which is often
“complex, rancorous, and protracted”. It has been Mr.
Steele’s experience that the problems encountered increase
as the number of fractional owners increases. In some
instances it may reach a point where agreement becomes
impossible;
(d) bring suit for partition in kind or by licitation.
This process will result in “significant legal expense” and
delays.
(5) The delay associated with partition is at least 1 year,
but it is more likely to take several years. In the interim
expenses are being incurred and the investment in the fractional
interest is “frozen”.
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