
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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.
