Statute of Limitations

Sec. 4008.062. STATUTE OF LIMITATIONS. (a) A person may not sue under Section 4008.051 or 4008.055 to the extent that section relates to Section 4008.051: (1) more than three years after the date of the sale; (2) if the person received a rescission offer meeting the requirements of Section 4008.058 before suit, unless the person: (A) rejected the offer in writing within 30 days of the date the person received the offer; and (B) expressly reserved in the rejection the right to sue; or (3) more than one year after the date the person so rejected a rescission offer meeting the requirements of Section 4008.058. (b) A person may not sue under Section 4008.052, 4008.054, or 4008.055 to the extent that section relates to Section 4008.052 or 4008.054: (1) more than three years after the date of discovery of the untruth or omission, or after the date discovery should have been made by the exercise of reasonable diligence; (2) more than five years after the date of the sale; (3) if the person received a rescission offer meeting the requirements of Section 4008.058 before suit, unless the person: (A) rejected the offer in writing within 30 days of the date the person received the offer; and (B) expressly reserved in the rejection the right to sue; or (4) more than one year after the date the person so rejected a rescission offer meeting the requirements of Section 4008.058. (c) A person may not sue under Section 4008.053 or 4008.055 to the extent that section relates to Section 4008.053: (1) more than three years after the date of discovery of the untruth or omission, or after the date discovery should have been made by the exercise of reasonable diligence; (2) more than five years after the date of the purchase; (3) if the person received a rescission offer meeting the requirements of Section 4008.059 before suit, unless the person: (A) rejected the offer in writing within 30 days of the date the person received the offer; and (B) expressly reserved in the rejection the right to sue; or (4) more than one year after the date the person so rejected a rescission offer meeting the requirements of Section 4008.059. Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022. SUBCHAPTER C. CIVIL LIABILITY OF INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES