15 U.S.C. § 77M
Section 77m · Limitation of actions
This is § 13 of the Securities Act of 1933
Amended 3 times on record
Applied in 706 court decisions — leading case Lampf, Pleva, Lipkind, Prupis & Petigrow v. Gilbertson (1991)
Most recently applied in Williams v. Binance (March 2024)
Applied most in the Tenth Circuit Circuit (39 decisions)
Cases citing this section usually also cite 15 U.S.C. § 77K · 15 U.S.C. § 78J · 15 U.S.C. § 78U
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
No action shall be maintained to enforce any liability created under section 77k or 77l(a)(2) of this title unless brought within one year after the discovery of the untrue statement or the omission, or after such discovery should have been made by the exercise of reasonable diligence, or, if the action is to enforce a liability created under section 77l(a)(1) of this title, unless brought within one year after the violation upon which it is based. In no event shall any such action be brought to enforce a liability created under section 77k or 77l(a)(1) of this title more than three years after the security was bona fide offered to the public, or under section 77l(a)(2) of this title more than three years after the sale.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Amendments
1998—Pub. L. 105–353 substituted “77l(a)(2)” for “77l(2)” in two places and “77l(a)(1)” for “77l(1)” in two places.
1934—Act June 6, 1934, substituted “one year” for “two years”, “three years” for “ten years”, and inserted “or under section 77l(2) of this title more than three years after the sale”.
Federal Rules of Civil Procedure
General rules of pleading, affirmative defenses, see rule 8, Title 28, Appendix, Judiciary and Judicial Procedure.
Cross References
Damages from manipulation of security prices, see section 78i of this title.
Liability for misleading statements under—
Public Utility Holding Company Act of 1935, see section 79p of this title.
Securities Exchange Act of 1934, see section 78r of this title.
Trust Indenture Act of 1939, see section 77www of this title.
Offer of securities deemed as of effective date of latest amendment to registration statement, see section 80a–24 of this title.