Sec. 4008.062.  STATUTE OF LIMITATIONS.  (a)  A person may not sue under Section 4008.051 or 4008.055 to the extent that section relates to Section 4008.051:
(1)  more than three years after the date of the sale;
(2)  if the person received a rescission offer meeting the requirements of Section 4008.058 before suit, unless the person:
(A)  rejected the offer in writing within 30 days of the date the person received the offer; and
(B)  expressly reserved in the rejection the right to sue; or
(3)  more than one year after the date the person so rejected a rescission offer meeting the requirements of Section 4008.058.
(b)  A person may not sue under Section 4008.052, 4008.054, or 4008.055 to the extent that section relates to Section 4008.052 or 4008.054:
(1)  more than three years after the date of discovery of the untruth or omission, or after the date discovery should have been made by the exercise of reasonable diligence;
(2)  more than five years after the date of the sale;
(3)  if the person received a rescission offer meeting the requirements of Section 4008.058 before suit, unless the person:
(A)  rejected the offer in writing within 30 days of the date the person received the offer; and
(B)  expressly reserved in the rejection the right to sue; or
(4)  more than one year after the date the person so rejected a rescission offer meeting the requirements of Section 4008.058.
(c)  A person may not sue under Section 4008.053 or 4008.055 to the extent that section relates to Section 4008.053:
(1)  more than three years after the date of discovery of the untruth or omission, or after the date discovery should have been made by the exercise of reasonable diligence;
(2)  more than five years after the date of the purchase;
(3)  if the person received a rescission offer meeting the requirements of Section 4008.059 before suit, unless the person:
(A)  rejected the offer in writing within 30 days of the date the person received the offer; and
(B)  expressly reserved in the rejection the right to sue; or
(4)  more than one year after the date the person so rejected a rescission offer meeting the requirements of Section 4008.059.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.