§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, §13, 48 Stat. 84 ; June 6, 1934, ch. 404, title II, §207, 48 Stat. 908 ; Pub. L. 105–353, title III, §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".

Federal Rules of Civil Procedure

General rules of pleading, affirmative defenses, see rule 8, Title 28, Appendix, Judiciary and Judicial Procedure.

Cross References

Damages from manipulation of security prices, see section 78i of this title.

Liability for misleading statements under-

Public Utility Holding Company Act of 1935, see section 79p of this title.

Securities Exchange Act of 1934, see section 78r of this title.

Trust Indenture Act of 1939, see section 77www of this title.

Offer of securities deemed as of effective date of latest amendment to registration statement, see section 80a–24 of this title.

Section Referred to in Other Sections

This section is referred to in section 80a–24 of this title.