§ 77m. — Limitation of actions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77m]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER I--DOMESTIC SECURITIES
Sec. 77m. Limitation of actions
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.
(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''.
Section Referred to in Other Sections
This section is referred to in section 80a-24 of this title.
