Arizona Revised Statutes § 44-2002 Remedy For Voidable Purchases

44-2002. Remedy for voidable purchases

A. A purchase or contract for purchase from a seller of securities made in violation of section 44-1842, 44-1991 or 44-1994 is voidable at the election of the seller of the securities, and the seller may bring an action in a court of competent jurisdiction to recover the amount of the seller's damages, with interest, taxable court costs and reasonable attorney fees.

B. A person against whom an action for a violation of section 44-1991 is brought is not liable under subsection A of this section if the person sustains the burden of proof that the person did not know and in the exercise of reasonable care could not have known of the untrue statement or misleading omission.

Section: Previous  44-1995  44-1996  44-1997  44-1998  44-1999  44-2000  44-2001  44-2002  44-2003  44-2004  44-2005  44-2011  44-2012  44-2013  44-2014  Next

Last modified: October 13, 2016