Which of the following is NOT true of the statute of limitations?
A) The statute of limitations is a defense for both civil and criminal liability.
B) The basic limitations period is one year.
C) In no event may a suit be brought more than one year after the sale.
D) The one year limitations period does not start to run until the discovery of the untrue statement or omission.
E) The one year limitations period does not start to run until the time such discovery would have been made with reasonable diligence.

Question

Quizplus · Accepted Answer

The statute of limitations is a defense for both civil and criminal liability. The basic period is one year. The one year does not start to run until the discovery of the untrue statement or omission. Or it does not start to run until the time such discovery would have been made with reasonable diligence. In no event may a suit be brought more than three years after the sale.

Which of the Following Is NOT True of the Statute