Tex.
Gov't Code Section 4008.062
Statute of Limitations
(a)
A person may not sue under Section 4008.051 (Offeror or Seller Liability: Registration and Related Violations) or 4008.055 (Controlling Person or Aider Liability) to the extent that section relates to Section 4008.051 (Offeror or Seller Liability: Registration and Related Violations):(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 (Requirements of Rescission Offer to Buyers) 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 (Requirements of Rescission Offer to Buyers).(b)
A person may not sue under Section 4008.052 (Offeror or Seller Liability: Untruth or Omission), 4008.054 (Nonselling Issuer Liability), or 4008.055 (Controlling Person or Aider Liability) to the extent that section relates to Section 4008.052 (Offeror or Seller Liability: Untruth or Omission) or 4008.054 (Nonselling Issuer Liability):(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 (Requirements of Rescission Offer to Buyers) 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 (Requirements of Rescission Offer to Buyers).(c)
A person may not sue under Section 4008.053 (Buyer Liability) or 4008.055 (Controlling Person or Aider Liability) to the extent that section relates to Section 4008.053 (Buyer Liability):(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 (Requirements of Rescission Offer to Sellers) 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 (Requirements of Rescission Offer to Sellers).
Source:
Section 4008.062 — Statute of Limitations, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.4008.htm#4008.062 (accessed Jun. 5, 2024).
