Series 63 practice questionhardRemedies—Multiple Jurisdictions
A banker at William Blair sells unregistered, non-exempt securities to clients in States A, B, and C. Civil lawsuits are filed in all three states. Which state’s statute of limitations will apply for each individual lawsuit?
- AThe statute of limitations of the state where the agent resides
- BThe statute of limitations of the state in which each sale occurred✓ Correct answer
- CThe longest statute of limitations among the three states
- DFederal statute of limitations for all
Explanation
Why B — The statute of limitations of the state in which each sale occurred
B is correct: Each state’s statute of limitations applies independently to transactions occurring within its jurisdiction (USA §410). A, C, and D incorrectly apply the wrong jurisdiction's law.
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