In Jones Act purchases, the right to redemption must be foreclosed within how many years from the date of confirmation by the governing body, and the assignment is what if not completed?

• A. 2 years; void
• B. 2 years; valid
• C. 5 years; void
• D. 1 year; void

Answer: (A)

In Jones Act purchases, the window to foreclose the right to redeem is fixed at two years from the date of confirmation by the governing body. This two-year deadline provides a clear, finite period for action so the transaction can finally proceed without lingering redemption claims. If the redemption isn’t foreclosed within that period, the assignment of the purchase rights becomes void—the transfer never fully takes effect because the condition tying the assignment to a timely completion was not met. The other timeframes would misalign with the statute’s fixed deadline, and the consequence wouldn’t be consistent with finalizing the transfer.