§77m — Title 15 Commerce and Trade | U.S. Code

Summary

File a lawsuit under 77k or 77l within one year after you discover—or should have discovered—the false statement or missing fact. For 77l(a)(1) claims, file within one year after the violation. No suit can be started more than three years after the offering (77k, 77l(a)(1)) or more than three years after the sale (77l(a)(2)).

Title 15, §77m

Commerce and Trade — Source: USLM XML via OLRC

No action shall be maintained to enforce any liability created under section 77k or 77l(a)(2) of this title unless brought within one year after the discovery of the untrue statement or the omission, or after such discovery should have been made by the exercise of reasonable diligence, or, if the action is to enforce a liability created under section 77l(a)(1) of this title, unless brought within one year after the violation upon which it is based. In no event shall any such action be brought to enforce a liability created under section 77k or 77l(a)(1) of this title more than three years after the security was bona fide offered to the public, or under section 77l(a)(2) of this title more than three years after the sale.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1998—Pub. L. 105–353 substituted “77l(a)(2)” for “77l(2)” in two places and “77l(a)(1)” for “77l(1)” in two places. 1934—Act June 6, 1934, substituted “one year” for “two years”, “three years” for “ten years”, and inserted “or under section 77l(2) of this title more than three years after the sale”.

§77m Limitation of actions

Summary

Title 15, §77m

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata