CITE

    15 USC Sec. 77m                                             01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2A - SECURITIES AND TRUST INDENTURES
    SUBCHAPTER I - DOMESTIC SECURITIES

HEAD

    Sec. 77m. Limitation of actions

STATUTE

      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.

SOURCE

    (May 27, 1933, ch. 38, title I, Sec. 13, 48 Stat. 84; June 6, 1934,
    ch. 404, title II, Sec. 207, 48 Stat. 908; Pub. L. 105-353, title
    III, Sec. 301(a)(3), Nov. 3, 1998, 112 Stat. 3235.)

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".