Tex. Gov't Code § 4008.056 · Subchapter B. CIVIL LIABILITY FOR ISSUANCE, SALE, OR PURCHASE OF SECURITIES
RESCISSION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) On rescission under this subchapter, a buyer of a security shall, on tender of the security or a security of the same class and series, recover the consideration the buyer paid for the security plus interest on the consideration at the legal rate from the date the buyer made the payment, less the amount of any income the buyer received on the security.
(b) On rescission under this subchapter, a seller of a security shall recover the security or a security of the same class and series, on tender of the consideration the seller received for the security plus interest on the consideration at the legal rate from the date the seller received the payment, less the amount of any income the buyer received on the security.
(c) For a buyer suing under Section 4008.054, the consideration the buyer paid for the security is deemed to be the lesser of:
(1) the price the buyer paid; or
(2) the price at which the security was offered to the public.
(d) A tender specified in this section may be made at any time before a judgment is entered.
Notes and commentary — not statutory text
History
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.4008.htm
- Text hash
- sha256 c94c7216bdc67e5ad30a4bda0fb4733e8226efe962e005b8f7dc230b8b21bff3
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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