Ch. 533

LAWS OF MARYLAND

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
person liable under subsection (a) of this section, every
partner, officer, or director of the person liable, every person
occupying a similar status or performing similar functions, every
employee of the 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 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.

(d)  Any tender specified in this section may be made at any
time before entry of judgment.

(e)  Every cause of action under this statute survives the
death of any person who might have been a plaintiff or defendant.

(f)  (1) A person may not sue under this section after the
earlier to occur of three years after the contract of sale or
purchase or the time specified in paragraph (2) of this
subsection.

(2)  An action may not be maintained:

(i) To enforce any liability created under
subsections (a)(l)(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
subsections (a)(l)(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;

- 3290 -