Tex.
Gov't Code Section 4008.055
Controlling Person or Aider Liability
(a)
Except as provided by Subsection (b), a person who directly or indirectly controls a seller, buyer, or issuer of a security is liable under Section 4008.051 (Offeror or Seller Liability: Registration and Related Violations), 4008.052 (Offeror or Seller Liability: Untruth or Omission), 4008.053 (Buyer Liability), or 4008.054 (Nonselling Issuer Liability) jointly and severally with the seller, buyer, or issuer and to the same extent as the seller, buyer, or issuer.(b)
The controlling person is not liable under Subsection (a) if the controlling person sustains the burden of proof that the controlling person did not know, and in the exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist.(c)
A person who directly or indirectly with intent to deceive or defraud or with reckless disregard for the truth or the law materially aids a seller, buyer, or issuer of a security is liable under Section 4008.051 (Offeror or Seller Liability: Registration and Related Violations), 4008.052 (Offeror or Seller Liability: Untruth or Omission), 4008.053 (Buyer Liability), or 4008.054 (Nonselling Issuer Liability) jointly and severally with the seller, buyer, or issuer and to the same extent as the seller, buyer, or issuer.(d)
There is contribution under this section as in cases of contract among the several persons who are liable.
Source:
Section 4008.055 — Controlling Person or Aider Liability, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.4008.htm#4008.055 (accessed Jun. 5, 2024).
