LD 509
pg. 66
Page 65 of 94 PUBLIC Law Chapter 65 Page 67 of 94
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LR 441
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reasonable care, could not have known of the existence of
conduct by reason of which the liability is alleged to exist.

 
8.__Right of contribution.__A person liable under this section
has a right of contribution as in cases of contract against any
other person liable under this section for the same conduct.

 
9.__Survival of cause of action.__A cause of action under this
section survives the death of an individual who might have been a
plaintiff or defendant.

 
10.__Statute of limitations.__A person may not obtain relief:

 
A.__Under subsection 2 for violation of section 16301 or
under subsection 4 or 5, unless the action is instituted
within 2 years after the violation occurred; or

 
B.__Under subsection 2, other than for violation of section
16301, or under subsection 3 or 6, unless the action is
instituted within the earlier of 2 years after discovery of
the facts constituting the violation or 5 years after the
violation.

 
11.__No enforcement of violative contract. A person that has
made, or has engaged in the performance of, a contract in
violation of this chapter or a rule adopted or order issued under
this chapter, or that has acquired a purported right under the
contract with knowledge of conduct by reason of which its making
or performance was in violation of this chapter, may not base an
action on the contract.

 
12.__No contractual waiver. A condition, stipulation or
provision binding a person purchasing or selling a security or
receiving investment advice to waive compliance with this chapter
or a rule adopted or order issued under this chapter is void.

 
13.__Survival of other rights or remedies.__The rights and
remedies provided by this chapter are in addition to any other
rights or remedies that may exist, but this chapter does not
create a cause of action not specified in this section or section
16411, subsection 5.

 
§16510.__Rescission offers

 
1.__Requirements.__A purchaser, seller or recipient of
investment advice may not maintain an action under section 16509
if:


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