Tex. Gov't Code § 4008.062 · Subchapter B. CIVIL LIABILITY FOR ISSUANCE, SALE, OR PURCHASE OF SECURITIES
STATUTE OF LIMITATIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A person may not sue under Section 4008.051 or 4008.055 to the extent that section relates to Section 4008.051:
(1) more than three years after the date of the sale;
(2) if the person received a rescission offer meeting the requirements of Section 4008.058 before suit, unless the person:
(A) rejected the offer in writing within 30 days of the date the person received the offer; and
(B) expressly reserved in the rejection the right to sue; or
(3) more than one year after the date the person so rejected a rescission offer meeting the requirements of Section 4008.058.
(b) A person may not sue under Section 4008.052, 4008.054, or 4008.055 to the extent that section relates to Section 4008.052 or 4008.054:
(1) more than three years after the date of discovery of the untruth or omission, or after the date discovery should have been made by the exercise of reasonable diligence;
(2) more than five years after the date of the sale;
(3) if the person received a rescission offer meeting the requirements of Section 4008.058 before suit, unless the person:
(A) rejected the offer in writing within 30 days of the date the person received the offer; and
(B) expressly reserved in the rejection the right to sue; or
(4) more than one year after the date the person so rejected a rescission offer meeting the requirements of Section 4008.058.
(c) A person may not sue under Section 4008.053 or 4008.055 to the extent that section relates to Section 4008.053:
(1) more than three years after the date of discovery of the untruth or omission, or after the date discovery should have been made by the exercise of reasonable diligence;
(2) more than five years after the date of the purchase;
(3) if the person received a rescission offer meeting the requirements of Section 4008.059 before suit, unless the person:
(A) rejected the offer in writing within 30 days of the date the person received the offer; and
(B) expressly reserved in the rejection the right to sue; or
(4) more than one year after the date the person so rejected a rescission offer meeting the requirements of Section 4008.059.
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 bc2b902ff36a7abfa1a4460fc9e1176ca80721ba227f9e8f506db0e9c8f9a92f
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Government Code
- Tex. Gov't Code § 4008.051OFFEROR OR SELLER LIABILITY: REGISTRATION AND RELATED VIOLATIONS.Printed as Section 4008.051 | Section 4008.051 or 4008.055
- Tex. Gov't Code § 4008.052OFFEROR OR SELLER LIABILITY: UNTRUTH OR OMISSION.Printed as Section 4008.052 or 4008.054 | Section 4008.052, 4008.054, or 4008.055
- Tex. Gov't Code § 4008.053BUYER LIABILITY.Printed as Section 4008.053 | Section 4008.053 or 4008.055
- Tex. Gov't Code § 4008.054NONSELLING ISSUER LIABILITY.Printed as Section 4008.052 or 4008.054 | Section 4008.052, 4008.054, or 4008.055
- Tex. Gov't Code § 4008.055CONTROLLING PERSON OR AIDER LIABILITY.Printed as Section 4008.051 or 4008.055 | Section 4008.052, 4008.054, or 4008.055 | Section 4008.053 or 4008.055
- Tex. Gov't Code § 4008.058REQUIREMENTS OF RESCISSION OFFER TO BUYERS.Printed as Section 4008.058
- Tex. Gov't Code § 4008.059REQUIREMENTS OF RESCISSION OFFER TO SELLERS.Printed as Section 4008.059
Cited by 2 provisions
Provisions in this library whose text cites Tex. Gov't Code § 4008.062. Each shows the citation as that text prints it.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.