Any deed of conveyance, sale, or contract to sell made contrary to the provisions of this Chapter is voidable at the sole option of the grantee, buyer, or person contracting to purchase, his heirs, personal representative, or trustee in insolvency or bankruptcy within one (1) year after the date of execution of the deed of conveyance, sale, or contract to sell, but the deed of conveyance, sale, or contract to sell is binding upon any assignee or transferee of the grantee, buyer, or person contracting to purchase, other than those above enumerated, and upon the grantor, vendor, or person contracting to sell, or his assignee, heir, or advisee. However, nothing in this section contained shall be deemed to render void or voidable any trust deed, mortgage, or other encumbrance in the hands of a bona fide holder for value.
('65 Code, § 31-14) (Ord. No. CS-622 § 1 (part))