15 USC § 77m - Limitation of actions

---
identifier: "/us/usc/t15/s77m"
source: "usc"
legal_status: "official_prima_facie"
title: "15 USC § 77m - Limitation of actions"
title_number: 15
title_name: "COMMERCE AND TRADE"
section_number: "77m"
section_name: "Limitation of actions"
chapter_number: 2
chapter_name: "SECURITIES AND TRUST INDENTURES"
subchapter_number: "I"
subchapter_name: "DOMESTIC SECURITIES"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(May 27, 1933, ch. 38, title I, § 13, 48 Stat. 84; June 6, 1934, ch. 404, title II, § 207, 48 Stat. 908; Pub. L. 105–353, title III, § 301(a)(3), Nov. 3, 1998, 112 Stat. 3235.)"
---


# § 77m. Limitation of actions

*l**l**l**l*

No action shall be maintained to enforce any liability created under section 77k or 77(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 77(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 77(a)(1) of this title more than three years after the security was bona fide offered to the public, or under section 77(a)(2) of this title more than three years after the sale.

---

**Source Credit**: (May 27, 1933, ch. 38, title I, § 13, 48 Stat. 84; June 6, 1934, ch. 404, title II, § 207, 48 Stat. 908; Pub. L. 105–353, title III, § 301(a)(3), Nov. 3, 1998, 112 Stat. 3235.)

## Editorial Notes

### Amendments

1998— substituted “77(a)(2)” for “77(2)” in two places and “77(a)(1)” for “77(1)” in two places.

1934—Act , substituted “one year” for “two years”, “three years” for “ten years”, and inserted “or under section 77(2) of this title more than three years after the sale”.