{"data":{"id":"us-ok/okla.-stat.-tit.-71-71-461","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 71, § 71-461","heading":"Liability of offeror - Rights and remedies of seller","body":"A. Any offeror who purchases a security in connection with a\n\ntake-over offer in violation of this act shall be liable to the\n\nperson selling the security to him who may sue either at law or in\n\nequity. In an action for rescission the seller shall be entitled to\n\nrecover the security, plus any income received by the purchaser\n\nthereon, upon tender of the consideration received. Tender requires\n\nonly notice of willingness to pay the amount specified in exchange\n\nfor the security. Any notice may be given by service as in civil\n\nactions or by certified mail to the last-known address of the person\n\nliable. Damages are the excess of either the value of the security\n\non the date of purchase or its present value, whichever is greater,\n\nover the present value of the consideration received for the\n\nsecurity.\n\nB. Every person who directly or indirectly controls a person\n\nliable under subsection A of this section, every partner, principal\n\nexecutive officer or director of such person, every person occupying\n\na similar status or performing similar functions, every employee of\n\nsuch person who materially aids in the act or transaction\n\nconstituting the violation, and every broker-dealer or agent who\n\nmaterially aids in the act or transaction constituting the\n\nviolation, is also liable jointly and severally with and to the same\n\nextent as such person, unless the person who would otherwise be so\n\nliable proves that he did not know, and in the exercise of\n\nreasonable care could not have known, of the existence of the facts\n\nby reason of which the liability is alleged to exist. There is\n\ncontribution as in cases of contract among the several persons so\n\nliable.\n\nC. No action may be maintained under this section unless\n\ncommenced before the expiration of three (3) years after the act or\n\ntransaction constituting the violation or the expiration of one (1)\n\nyear after the discovery of the facts constituting the violation,\n\nwhichever first expires.\n\nD. The rights and remedies under this act are in addition to\n\nany other rights or remedies that may exist at law or in equity.","path":["OK Code","Title 71"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os71.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"9395d1d8aece5bcb69b6bc63fd688a75edabd74622094479d69308325ab6f130","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-71-71-460","next":"us-ok/okla.-stat.-tit.-71-71-462"},"notice":"GroundRules: Original legal text. Not legal advice."}