It shall be a defense in any complaint, information, indictment, any writ or proceeding brought under this Chapter alleging a violation of G.S. 78D-2 based solely on the failure in an individual case to make physical delivery within the applicable time period under G.S. 78D-1(5) or G.S. 78D-4(a)(2) if the party asserting the defense sustains the burden of proof that:
(1) Failure to make physical delivery was due solely to factors beyond the control of the seller, the seller's officers, directors, partners, agents, servants or employees, every person occupying a similar status or performing similar functions, every person who directly or indirectly controls or is controlled by the seller, or any of them, the seller's affiliates, subsidiaries or successors; and
(2) Physical delivery was completed within a reasonable time under the applicable circumstances. (1989, c. 634, s. 1.)
Sections: Previous 78D-8 78D-9 78D-21 78D-22 78D-23 78D-24 78D-25 78D-26 78D-27 78D-28 78D-29 78D-30 78D-31 78D-32 78D-33
Last modified: March 23, 2014