Texas Government Code 4008.062 – Statute of Limitations
(a) A person may not sue under § 4008.051 or 4008.055 to the extent that section relates to § 4008.051:
(1) more than three years after the date of the sale;
(2) if the person received a rescission offer meeting the requirements of § 4008.058 before suit, unless the person:
(A) rejected the offer in writing within 30 days of the date the person received the offer; and
(B) expressly reserved in the rejection the right to sue; or
(3) more than one year after the date the person so rejected a rescission offer meeting the requirements of § 4008.058.
(b) A person may not sue under § 4008.052, 4008.054, or 4008.055 to the extent that section relates to § 4008.052 or 4008.054:
(1) more than three years after the date of discovery of the untruth or omission, or after the date discovery should have been made by the exercise of reasonable diligence;
(2) more than five years after the date of the sale;
(3) if the person received a rescission offer meeting the requirements of § 4008.058 before suit, unless the person:
(A) rejected the offer in writing within 30 days of the date the person received the offer; and
(B) expressly reserved in the rejection the right to sue; or
(4) more than one year after the date the person so rejected a rescission offer meeting the requirements of § 4008.058.
Terms Used In Texas Government Code 4008.062
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) A person may not sue under § 4008.053 or 4008.055 to the extent that section relates to § 4008.053:
(1) more than three years after the date of discovery of the untruth or omission, or after the date discovery should have been made by the exercise of reasonable diligence;
(2) more than five years after the date of the purchase;
(3) if the person received a rescission offer meeting the requirements of § 4008.059 before suit, unless the person:
(A) rejected the offer in writing within 30 days of the date the person received the offer; and
(B) expressly reserved in the rejection the right to sue; or
(4) more than one year after the date the person so rejected a rescission offer meeting the requirements of § 4008.059.