Source: https://law.justia.com/codes/maryland/2013/article-gca/section-11-703/
Timestamp: 2020-01-18 17:43:50
Document Index: 507107064

Matched Legal Cases: ['§ 11', '§ 11', '§ 11', '§11', '§ 11', '§ 11']

§ 11-703 - Civil liabilities :: 2013 Maryland Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes Maryland Code 2013 Maryland Code CORPORATIONS AND ASSOCIATIONS § 11-703 - Civil liabilities
MD Corp & Assn Code § 11-703 (2013) What's This?
§11-703.
(a) (1) A person is civilly liable to the person buying a security from him if he:
(b) (1) A buyer may sue either at law or in equity:
(4) (i) In any action brought under subsection (a)(3) of this section a person may sue either at law or in equity for the rescission of the advisory contract and any damages resulting from the violation, together with interest at the rate provided for in § 11-107(a) of the Courts and Judicial Proceedings Article, as amended, from the date of payment of the consideration, costs, and reasonable attorneys’ fees, less the amount of any income received from such advice.
(c) (1) Every person who directly or indirectly controls a person liable under subsection (a) of this section, every partner, officer, or director of the person liable, every person occupying a similar status or performing similar functions, every employee of the person liable who materially aids in the conduct giving rise to the liability, and every broker-dealer or agent who materially aids in such conduct are also liable jointly and severally with and to the same extent as the person liable, unless able to sustain the burden of proof that he did not know, and in exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist.
(f) (1) A person may not sue under subsections (a)(1) and (2) of this section after the earlier to occur of 3 years after the contract of sale or purchase or the time specified in paragraph (2) of this subsection.
(g) A person may not base any suit on any contract if he:
(h) Any condition, stipulation, or provision binding any person acquiring any security or asset or receiving any investment advice to waive compliance with any provision of this title or any rule or order under this title is void.
(i) The rights and remedies provided by this title are in addition to any other rights or remedies that may exist at law or in equity, but this title does not create any cause of action not specified in this section or § 11-410 of this title.