Practice point: An implied private right of action exists pursuant to section 29(b) of
the Act to rescind a contract made in violation of section 15(a) of the
Act (see 15 USC § 78cc[b].
Student note: The one-year statute of limitations and three-year statute of repose of
section 29(b) of the Act apply to implied causes of action to rescind a
contract for violation of section 15(a), whether asserted in a complaint
or as a counterclaim or defense. The three-year period specified in section 29(b)
is a statute of repose, which envelops both the right and the
remedy. The repose period serves as an absolute barrier, and, accordingly, CPLR 203(d) cannot serve to extend a claim
for rescission of a contract pursuant to section 29(b) of the Act.
Case: Obstfeld v. Thermo Niton Analyzers, LLC, NY Slip Op 05304 (2d Dept. 2013).
Here is the decision.
Tomorrow's issue: Modifying a custody arrangement.
