Texas Government Code 4008.056 – Rescission
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(a) On rescission under this subchapter, a buyer of a security shall, on tender of the security or a security of the same class and series, recover the consideration the buyer paid for the security plus interest on the consideration at the legal rate from the date the buyer made the payment, less the amount of any income the buyer received on the security.
(b) On rescission under this subchapter, a seller of a security shall recover the security or a security of the same class and series, on tender of the consideration the seller received for the security plus interest on the consideration at the legal rate from the date the seller received the payment, less the amount of any income the buyer received on the security.
Terms Used In Texas Government Code 4008.056
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
(c) For a buyer suing under § 4008.054, the consideration the buyer paid for the security is deemed to be the lesser of:
(1) the price the buyer paid; or
(2) the price at which the security was offered to the public.
(d) A tender specified in this section may be made at any time before a judgment is entered.