Series 63 practice questionhardMultiple Liable Parties
A client is awarded a civil judgment under Section 410 against both the agent who sold the security and the broker-dealer who employed the agent. What is the legal term for this type of liability?
- AJoint and several liability✓ Correct answer
- BPrimary liability only
- CVicarious liability
- DSecondary liability only
Explanation
Why A — Joint and several liability
Section 410 imposes joint and several liability, meaning the buyer may recover the full amount from either or both parties. It is not limited to primary, vicarious, or secondary liability.
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