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← Series 63: Remedies & Administrative Provisions
Series 63 practice questionmediumBuyer’s Right of Rescission

A buyer who still owns the security receives a proper written pre-suit rescission offer containing the statutory refund terms but does not accept it within 30 days. What is the effect under Section 410?

  1. AThe buyer loses the Section 410 right to sue based on that transaction✓ Correct answer
  2. BThe buyer can still seek damages in court
  3. CThe Administrator must intervene in the transaction
  4. DThe buyer must return only the income received
Explanation

Why A — The buyer loses the Section 410 right to sue based on that transaction

Under Section 410(g), a buyer who still owns the security and fails to accept a qualifying written pre-suit rescission offer within 30 days may not later sue under Section 410 based on that transaction.

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