1714

LAWS OF MARYLAND

Ch. 615

[(2)] (3) (Damages] FOR THE PURPOSES OF
SUBSECTION (B)(1)(II) OF THIS SECTION, DAMAGES are the
amount that would be recoverable on a tender less the
value of the security when the buyer disposed of it and
interest at 6 percent per year from the date of
disposition.

(c) (1) Every person who directly or indirectly
controls a [seller] PERSON liable under subsection (a) of
this section, every partner, officer, or director of the
[seller] PERSON LIABLE, every person occupying a similar
status or performing similar functions, every employee of
the [seller] PERSON LIABLE who materially aids in the
sale OR PURCHASE, and every broker—dealer or agent who
materially aids in the sale OR PURCHASE are also liable
jointly and severally with and to the same extent as the
[seller] PERSON LIABLE, unless the nonseller OR NONBUYER
who is so liable sustains the burden of proof that he did
not know, and in exercise of reasonable care could not
have known, of the existence of the facts by reason of
which the liability is alleged to exist.

(2) There is contribution as in cases of
contract among the several persons so liable.

(f) (1) Except as provided in paragraph (2) of
this subsection, a person may not sue under this section
more than three years after the contract of sale OR
PURCHASE.

(2)    An action may not be maintained:

(i) To enforce any liability created
under [subsection (a) (1) ] SUBSECTIONS (A) (1) (I) OR
(A) (2) (I) of this section, unless brought within one year
after the violation on which it is based; or

(ii) To enforce any liability created
under [subsection (a) (2) ] SUBSECTIONS (A) (1) (II) OR
(A) (2) (II) of this section, unless brought within one
year after the discovery of the untrue statement or
omission, or after the discovery should have been made by
the exercise of reasonable diligence.

(3)    A person may not sue under this section:

(i) if the buyer received a written
offer, before suit and at a time when he owned the
security, to refund the consideration paid together with
interest at 6 percent per year from the date of payment,
less the amount of any income received on the security,
and he failed to accept the offer within 30 days of its
receipt; [or]

(ii) If the buyer received the offer
before suit and at a time when he did not own the
security, unless he rejected the offer in writing within
30 days of its receipt[.]; OR