Series 63 practice questionmediumStatute of Limitations
A buyer purchased a security on January 1, 2024 and discovered the violation on January 1, 2026. What is the last day permitted by the USA's Section 410 limitation periods?
- AJanuary 1, 2027✓ Correct answer
- BJanuary 1, 2028
- CJanuary 1, 2029
- DJanuary 1, 2026
Explanation
Why A — January 1, 2027
Three years after the sale is January 1, 2027, while two years after discovery is January 1, 2028. The earlier date, January 1, 2027, controls under Section 410(f).
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