---
kind: "section"
citation: "15 U.S.C. § 77m"
title: "15"
title_heading: "Commerce and Trade"
number: "77m"
heading: "Limitation of actions"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/77m"
units:
  - "Chapter 2A — Securities and Trust Indentures"
  - "Subchapter I — Domestic Securities"
---

# §77m. Limitation of actions


No action shall be maintained to enforce any liability created under section [77k](/usc/15/77k.md) or [77l(a)(2)](/usc/15/77l.md?p=a-2) of this title unless brought within one year after the discovery of the untrue statement or the omission, or after such discovery should have been made by the exercise of reasonable diligence, or, if the action is to enforce a liability created under [section 77l(a)(1)](/usc/15/77l.md?p=a-1) of this title, unless brought within one year after the violation upon which it is based. In no event shall any such action be brought to enforce a liability created under section [77k](/usc/15/77k.md) or [77l(a)(1)](/usc/15/77l.md?p=a-1) of this title more than three years after the [security](/usc/15/77b.md?p=a-1) was bona fide offered to the public, or under [section 77l(a)(2)](/usc/15/77l.md?p=a-2) of this title more than three years after the sale.


## Source credit

(May 27, 1933, ch. 38, title I, § 13, 48 Stat. 84; June 6, 1934, ch. 404, title II, § 207, 48 Stat. 908; Pub. L. 105–353, title III, § 301(a)(3), Nov. 3, 1998, 112 Stat. 3235.)

## Notes

### Editorial Notes

### Amendments

1998—Pub. L. 105–353 substituted “77l(a)(2)” for “77l(2)” in two places and “77l(a)(1)” for “77l(1)” in two places.

1934—Act June 6, 1934, substituted “one year” for “two years”, “three years” for “ten years”, and inserted “or under section 77l(2) of this title more than three years after the sale”.