Maine Revised Statutes Title 32 Sec. 11303 – Power of court to grant relief
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1. Violation of chapter. Upon showing of violation of this chapter or a rule or order of the administrator, the court, in addition to traditional legal and equitable remedies, including temporary restraining orders and permanent or temporary prohibitory or mandatory injunctions, may grant one or more of the following special remedies:
A. Imposition of a civil penalty in an amount which may not exceed $10,000 for any single violation; [PL 1985, c. 643 (NEW).]
B. Disgorgement; [PL 1985, c. 643 (NEW).]
C. Declaratory judgment; [PL 1985, c. 643 (NEW).]
D. Restitution to investors wishing restitution; or [PL 1985, c. 643 (NEW).]
E. Appointment of a receiver or conservator for the defendant or the defendant’s assets. [PL 1985, c. 643 (NEW).]
[PL 1989, c. 542, §77 (AMD).]
Terms Used In Maine Revised Statutes Title 32 Sec. 11303
- Administrator: means the Securities Administrator. See Maine Revised Statutes Title 32 Sec. 11201
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commodity: means , except as otherwise specified by the administrator by rule or order, any agricultural, grain or livestock products or by-products, any metals or minerals, including a precious metal set forth in subsection 12, any gem or gemstone, whether characterized as precious, semiprecious or otherwise, any fuel, whether liquid, gaseous or otherwise, any foreign currency and all other goods, articles, products or items of any kind provided that the term commodity shall not include:
A. See Maine Revised Statutes Title 32 Sec. 11201Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Person: means an individual, a corporation, a partnership, an association, a joint-stock company, a trust where the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government or a political subdivision of a government, but does not include, a contract market designated by the Commodity Futures Trading Commission or any clearinghouse of the Commodity Futures Trading Commission or a national securities exchange registered with the United States Securities and Exchange Commission, or any employee, officer or director of such contract market, clearinghouse or exchange acting solely in that capacity. See Maine Revised Statutes Title 32 Sec. 11201 Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
2. Violation about to occur. Upon a showing by the administrator that a person is about to violate any provision of this chapter or any rule or order of the administrator, the court may grant one or more of the following remedies:
A. A temporary restraining order; [PL 1985, c. 643 (NEW).]
B. A temporary or permanent injunction; or [PL 1985, c. 643 (NEW).]
C. An order appointing a receiver or conservator for the defendant or the defendant’s assets. [PL 1985, c. 643 (NEW).]
[PL 1989, c. 542, §77 (AMD).]
3. No bond required. The court shall not require the administrator to post a bond in any official action under this chapter.
[PL 1989, c. 542, §77 (AMD).]
4. Violation of foreign state law. Upon showing by the administrator of securities or commodity agency of another state that a person has violated the securities or commodity act of the foreign state or a rule or order of the administrator or securities or commodity agency of the foreign state, the court, in addition to traditional legal or equitable remedies including temporary restraining orders, and permanent or temporary prohibitory or mandatory injunctions, may grant the following special remedies:
A. Disgorgement; or [PL 1985, c. 643 (NEW).]
B. Appointment of a receiver, conservator or ancillary receiver or conservator for the defendant or the defendant’s assets located in this State. [PL 1985, c. 643 (NEW).]
[PL 1985, c. 643 (NEW).]
5. Violation of foreign law about to occur. Upon showing by the administrator or securities or commodity agency of another state that a person is about to violate the securities or commodity act of the foreign state or a rule or order of the administrator or securities or commodity agency of the foreign state, the court may only grant:
A. A temporary restraining order; [PL 1985, c. 643 (NEW).]
B. A temporary or permanent injunction; or [PL 1985, c. 643 (NEW).]
C. An order appointing a receiver, conservator or ancillary receiver or conservator for the defendant or the defendant’s assets located in this State. [PL 1985, c. 643 (NEW).]
[PL 1985, c. 643 (NEW).]
SECTION HISTORY
PL 1985, c. 643 (NEW). PL 1989, c. 542, §77 (AMD).