Title 15 — Commerce and Trade
Chapter 2A — Securities and Trust Indentures
§ 77m. Limitation of actions
Statutory text
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
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 73–38 · 48 Stat. 74
Enacted · 15 U.S.C. § 77m
May 27, 1933, ch. 38, title I, § 13, 48 Stat. 84
Source evidence
Code source credit
May 27, 1933, ch. 38, title I, § 13, 48 Stat. 84Securities Litigation Uniform Standards Act of 1998
Pub. L. 105–353 title III § 301(a)(3) · 112 Stat. 3227
Substituted · 15 U.S.C. § 77m
Pub. L. 105–353 substituted “77l(a)(2)” for “77l(2)” in two places
Substituted · 15 U.S.C. § 77m
Pub. L. 105–353 substituted “77l(a)(1)” for “77l(1)” in two places
Source evidence
Code amendment note
Pub. L. 105–353 substituted “77l(a)(2)” for “77l(2)” in two places and “77l(a)(1)” for “77l(1)” in two places.Enacted provision · exact public law section
(3) Section 13 (15 U.S.C. 77m) is amended— (A) by striking “section 12(2)” each place it appears and inserting “section 12(a)(2)”; and (B) by striking “section 12(1)” each place it appears and inserting “section 12(a)(1)”.
2 of 3 references resolved to an enrolled provision · 1 partial
Editorial Notes
Amendments1934–1998 · 2 rounds
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 , 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”.
Credits
1933–1998 · 3 acts
- 1933May 27, 1933, ch. 38, title I, § 13, 48 Stat. 84
- 1934June 6, 1934, ch. 404, title II, § 207, 48 Stat. 908
- 1998Pub. L. 105–353, title III, § 301(a)(3), , 112 Stat. 3235.
Show as published
(May 27, 1933, ch. 38, title I, § 13, 48 Stat. 84; June 6, 1934, ch. 404, title II, § 207, 48 Stat. 908; Pub. L. 105–353, title III, § 301(a)(3), , 112 Stat. 3235.)