17-12a510.Recission offers.
A purchaser, seller, or recipient of investment
advice may not maintain an action under
K.S.A. 17-12a509, and
amendments
thereto, if:
(1) 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
K.S.A. 17-12a509, and amendments thereto, 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
K.S.A. 17-12a509(b), and amendments thereto, an offer
to
repurchase the security for cash, payable on delivery of the
security, equal to the consideration paid, and interest
from the date of the purchase
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto,
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 from the date of the purchase
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto,
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
K.S.A. 17-12a509(c), and amendments thereto, 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 from the date of the sale
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto;
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 from the date of the sale
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto;
(D) if the basis for relief under this section may have been
a violation of
K.S.A. 17-12a509(d), and amendments thereto; and if
the
customer is a purchaser, an offer to pay as specified in
subparagraph (B); or, if the customer is a seller, an offer to
tender or to pay as specified in subparagraph (C);
(E) if the basis for relief under this section may have been
a violation of
K.S.A. 17-12a509(e), and amendments thereto, an offer
to
reimburse in cash the consideration paid for the advice and interest
from the date of payment
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto; or
(F) if the basis for relief under this section may have been
a violation of
17-12a509(f), and amendments thereto, 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 from the date of the violation causing the
loss
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto;
(2) the offer under paragraph (1) states that it must be
accepted by the purchaser, seller, or recipient of investment advice
within 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 days, that the administrator, by order,
specifies;
(3) the offer under paragraph (1)
discloses whether
the offeror has the present ability to pay the amount
offered or to tender the security;
(4) the offer under paragraph (1) 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
(5) the purchaser, seller, or recipient of investment advice
that accepts the offer under paragraph (1) in a record within the
period specified under paragraph (2) is paid in accordance with the
terms of the offer.
17-12a510.Recission offers.
A purchaser, seller, or recipient of investment
advice may not maintain an action under
K.S.A. 17-12a509, and
amendments
thereto, if:
(1) 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
K.S.A. 17-12a509, and amendments thereto, 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
K.S.A. 17-12a509(b), and amendments thereto, an offer
to
repurchase the security for cash, payable on delivery of the
security, equal to the consideration paid, and interest
from the date of the purchase
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto,
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 from the date of the purchase
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto,
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
K.S.A. 17-12a509(c), and amendments thereto, 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 from the date of the sale
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto;
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 from the date of the sale
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto;
(D) if the basis for relief under this section may have been
a violation of
K.S.A. 17-12a509(d), and amendments thereto; and if
the
customer is a purchaser, an offer to pay as specified in
subparagraph (B); or, if the customer is a seller, an offer to
tender or to pay as specified in subparagraph (C);
(E) if the basis for relief under this section may have been
a violation of
K.S.A. 17-12a509(e), and amendments thereto, an offer
to
reimburse in cash the consideration paid for the advice and interest
from the date of payment
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto; or
(F) if the basis for relief under this section may have been
a violation of
17-12a509(f), and amendments thereto, 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 from the date of the violation causing the
loss
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto;
(2) the offer under paragraph (1) states that it must be
accepted by the purchaser, seller, or recipient of investment advice
within 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 days, that the administrator, by order,
specifies;
(3) the offer under paragraph (1)
discloses whether
the offeror has the present ability to pay the amount
offered or to tender the security;
(4) the offer under paragraph (1) 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
(5) the purchaser, seller, or recipient of investment advice
that accepts the offer under paragraph (1) in a record within the
period specified under paragraph (2) is paid in accordance with the
terms of the offer.
17-12a510.Recission offers.
A purchaser, seller, or recipient of investment
advice may not maintain an action under
K.S.A. 17-12a509, and
amendments
thereto, if:
(1) 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
K.S.A. 17-12a509, and amendments thereto, 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
K.S.A. 17-12a509(b), and amendments thereto, an offer
to
repurchase the security for cash, payable on delivery of the
security, equal to the consideration paid, and interest
from the date of the purchase
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto,
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 from the date of the purchase
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto,
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
K.S.A. 17-12a509(c), and amendments thereto, 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 from the date of the sale
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto;
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 from the date of the sale
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto;
(D) if the basis for relief under this section may have been
a violation of
K.S.A. 17-12a509(d), and amendments thereto; and if
the
customer is a purchaser, an offer to pay as specified in
subparagraph (B); or, if the customer is a seller, an offer to
tender or to pay as specified in subparagraph (C);
(E) if the basis for relief under this section may have been
a violation of
K.S.A. 17-12a509(e), and amendments thereto, an offer
to
reimburse in cash the consideration paid for the advice and interest
from the date of payment
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto; or
(F) if the basis for relief under this section may have been
a violation of
17-12a509(f), and amendments thereto, 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 from the date of the violation causing the
loss
at the rate provided for interest on
judgments by K.S.A. 16-204, and amendments thereto;
(2) the offer under paragraph (1) states that it must be
accepted by the purchaser, seller, or recipient of investment advice
within 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 days, that the administrator, by order,
specifies;
(3) the offer under paragraph (1)
discloses whether
the offeror has the present ability to pay the amount
offered or to tender the security;
(4) the offer under paragraph (1) 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
(5) the purchaser, seller, or recipient of investment advice
that accepts the offer under paragraph (1) in a record within the
period specified under paragraph (2) is paid in accordance with the
terms of the offer.