Texas § GV.4008.056 - RESCISSION
Full text of Texas The Texas Constitution § GV.4008.056 — RESCISSION, with citation guidance and answers to common questions.
§ GV.4008.056. RESCISSION
RESCISSION. (a) On rescission under this subchapter, a buyer of a security shall, on tender of the security or a security of the same class and series, recover the consideration the buyer paid for the security plus interest on the consideration at the legal rate from the date the buyer made the payment, less the amount of any income the buyer received on the security. (b) On rescission under this subchapter, a seller of a security shall recover the security or a security of the same class and series, on tender of the consideration the seller received for the security plus interest on the consideration at the legal rate from the date the seller received the payment, less the amount of any income the buyer received on the security. (c) For a buyer suing under Section 4008.054 , the consideration the buyer paid for the security is deemed to be the lesser of: (1) the price the buyer paid; or (2) the price at which the security was offered to the public. (d) A tender specified in this section may be made at any time before a judgment is entered. 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.4008.056
What does The Texas Constitution § GV.4008.056 cover?
Section GV.4008.056 ("RESCISSION") 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.4008.056?
A common citation format is "The Texas Constitution § GV.4008.056" (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.4008.056 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.