Title 15, Commerce and TradeRelease 119-102
§77m Limitation of Actions
Title 15 › CHAPTER 2A — SECURITIES AND TRUST INDENTURES › SUBCHAPTER I — DOMESTIC SECURITIES › § 77m
Summary
File claims about false statements or omissions within one year after you discover them or should have. File claims about other violations within one year after the violation. All claims must be filed within three years—after the offering for some claims, and after the sale for sale omissions.
Full Legal Text
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.
Legislative History
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”.
Reference
Citations & Metadata
Citation
15 U.S.C. § 77m
Title 15, Commerce and Trade
Last Updated
Aug 21, 2026
Release point: 119-102