§ 17-4-510 — Rescission offers

Wyoming § 17-4-510

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 4: SECURITIES
• Art. 5: FRAUD AND LIABILITIES

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(a) A purchaser, seller, or recipient of investment advice
may not maintain an action under W.S. 17-4-509 if:
(i) The purchaser, seller, or recipient of investment
advice receives in a record, before the action is instituted:
(A) An offer stating the respect in which
liability under W.S. 17-4-509 may have arisen and fairly
advising the purchaser, seller, or recipient of investment
advice of that person's rights in connection with the offer, and
any financial or other information necessary to correct all
material misrepresentations or omissions in the information that
was required by this act to be furnished to that person at the
time of the purchase, sale, or investment advice;
(B) If the basis for relief under this section
may have been a violation of W.S. 17-4-509(b), an offer to
repurchase the security for cash, payable on delivery of the
security, equal to the consideration paid, and interest at six
percent (6%) per year from the date of the purchase, less the
amount of any income received on the security, or, if the
purchaser no longer owns the security, an offer to pay the
purchaser upon acceptance of the offer damages in an amount that
would be recoverable upon a tender, less the value of the
security when the purchaser disposed of it, and interest at six
percent (6%) per year from the date of the purchase in cash
equal to the damages computed in the manner provided in this
subsection;
(C) If the basis for relief under this section
may have been a violation of W.S. 17-4-509(c), an offer to
tender the security, on payment by the seller of an amount equal
to the purchase price paid, less income received on the security
by the purchaser and interest at six percent (6%) per year from
the date of the sale; or if the purchaser no longer owns the
security, an offer to pay the seller upon acceptance of the
offer, in cash, damages in the amount of the difference between
the price at which the security was purchased and the value the
security would have had at the time of the purchase in the
absence of the purchaser's conduct that may have caused
liability and interest at six percent (6%) per year from the
date of the sale;
(D) If the basis for relief under this section
may have been a violation of W.S. 17-4-509(d); and if the
customer is a purchaser, an offer to pay as specified in
subparagraph (B) of this paragraph; or, if the customer is a
seller, an offer to tender or to pay as specified in
subparagraph (C) of this paragraph;
(E) If the basis for relief under this section
may have been a violation of W.S. 17-4-509(e), an offer to
reimburse in cash the consideration paid for the advice and
interest at six percent (6%) per year from the date of payment;
or
(F) If the basis for relief under this section
may have been a violation of W.S. 17-4-509(f), an offer to
reimburse in cash the consideration paid for the advice, the
amount of any actual damages that may have been caused by the
conduct, and interest at six percent (6%) per year from the date
of the violation causing the loss.
(ii) The offer under paragraph (i) of this subsection
states that it must be accepted by the purchaser, seller, or
recipient of investment advice within thirty (30) days after the
date of its receipt by the purchaser, seller, or recipient of
investment advice or any shorter period, of not less than three
(3) days, that the secretary of state, by order, specifies;
(iii) The offeror has the present ability to pay the
amount offered or to tender the security under paragraph (i) of
this subsection;
(iv) The offer under paragraph (i) of this subsection
is delivered to the purchaser, seller, or recipient of
investment advice, or sent in a manner that ensures receipt by
the purchaser, seller, or recipient of investment advice; and
(v) The purchaser, seller, or recipient of investment
advice that accepts the offer under paragraph (i) of this
subsection in a record within the period specified under
paragraph (ii) of this subsection is paid in accordance with the
terms of the offer.