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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 15 U.S.C. § 77m Limitation of actions us united_states_code code_section 15 COMMERCE AND TRADE 2A SECURITIES AND TRUST INDENTURES 77m 15 U.S.C. § 77m current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip /us/usc/t15/s77m data/legal/raw/us/code/title-15/usc15.xml 793ba313a4d5ff1962e957ad322fae135ad3e068c88fecb12fefc10a9519c014 6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059 14c2efc7e4ce51fb8fb78c982022bc51e97d2e2a74bac6d417bb2b5d043b5579 2026-07-04 official
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15 U.S.C. § 77m - Limitation of actions

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.

(May 27, 1933, ch. 38, title I, § 13, 48 Stat. 84; June 6, 1934, ch. 404, title II, § 207, 48 Stat. 908; Pub. L. 105353, title III, § 301(a)(3), Nov. 3, 1998, 112 Stat. 3235.)

Notes

Editorial Notes

Amendments1998—Pub. L. 105353 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”.