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← Series 63: Remedies & Administrative Provisions
Series 63 practice questioneasyCivil Liability — Statute of Limitations

Under the Uniform Securities Act, by when must a buyer bring a civil action under Section 410?

  1. AWithin the earlier of three years after the sale or two years after discovery of the violation✓ Correct answer
  2. BWithin three years after discovery, regardless of the sale date
  3. CWithin five years after the sale, regardless of discovery
  4. DWithin one year after discovery or three years after the violation
Explanation

Why A — Within the earlier of three years after the sale or two years after discovery of the violation

Under the NASAA-updated 1956 Uniform Securities Act Section 410(f), a civil action must be brought before the earlier expiration of three years after the sale or two years after discovery of the facts constituting the violation.

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