§ 5-1311. Uniform vendor and purchaser risk act. 1. Any contract for
the purchase and sale or exchange of realty shall be interpreted, unless
the contract expressly provides otherwise, as including an agreement
that the parties shall have the following rights and duties:

a. When neither the legal title nor the possession of the subject
matter of the contract has been transferred to the purchaser: (1) if all
or a material part thereof is destroyed without fault of the purchaser
or is taken by eminent domain, the vendor cannot enforce the contract,
and the purchaser is entitled to recover any portion of the price that
he has paid; but nothing herein contained shall be deemed to deprive the
vendor of any right to recover damages against the purchaser for any
breach of contract by the purchaser prior to the destruction or taking;
(2) if an immaterial part thereof is destroyed without fault of the
purchaser or is taken by eminent domain, neither the vendor nor the
purchaser is thereby deprived of the right to enforce the contract; but
there shall be, to the extent of the destruction or taking, an abatement
of the purchase price.

b. When either the legal title or the possession of the subject matter
of the contract has been transferred to the purchaser, if all or any
part thereof is destroyed without fault of the vendor or is taken by
eminent domain, the purchaser is not thereby relieved from a duty to pay
the price, nor is he thereby entitled to recover any portion thereof
that he has paid; but nothing herein contained shall be deemed to
deprive the purchaser of any right to recover damages against the vendor
for any breach of contract by the vendor prior to the destruction or
taking.

2. This section shall be so interpreted and construed as to effectuate
its general purpose to make uniform the law of those states which enact
it.

3. This section may be cited as the uniform vendor and purchaser risk
act.