Texas § GV.4008.053 - BUYER LIABILITY
Full text of Texas The Texas Constitution § GV.4008.053 — BUYER LIABILITY, with citation guidance and answers to common questions.
§ GV.4008.053. BUYER LIABILITY
BUYER LIABILITY. (a) Except as provided by Subsection (c), a person who offers to buy or buys a security and to whom another person sells the security is liable to the seller, regardless of whether the security or transaction is exempt under Chapter 4005 , if the person offers to buy or buys the security by means of an untrue statement of a material fact or an omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. (b) The seller may sue for: (1) rescission; or (2) damages if the buyer no longer owns the security. (c) A person who offers to buy or buys a security is not liable under Subsection (a) if the offeror or buyer sustains the burden of proof that either: (1) the seller knew of the untruth or omission; or (2) the offeror or buyer did not know, and in the exercise of reasonable care could not have known, of the untruth or omission. Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171 ), Sec. 1.01, eff. January 1, 2022.
Frequently Asked Questions About Texas § GV.4008.053
What does The Texas Constitution § GV.4008.053 cover?
Section GV.4008.053 ("BUYER LIABILITY") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.4008.053?
A common citation format is "The Texas Constitution § GV.4008.053" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.4008.053 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.