Courtroom Procedures & Protocols Flashcards
7 cards from real Series 66 – Uniform Combined State Law Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Courtroom Procedures & Protocols flashcards as text
An investor who bought a security through a violation of the Act's antifraud provisions may sue to recover:
Answer: The consideration paid plus interest, less income received, upon tender of the security
The remedy is rescission: consideration plus interest, minus income, plus costs and fees.
In a civil suit for rescission, the buyer must generally do which of the following?
Answer: Tender the security back to the seller
Rescission requires tendering the security in exchange for the refund.
In a state civil liability action, which person is jointly and severally liable with the seller unless they prove they did not know the facts?
Answer: A partner, officer, or director of the seller
Control persons and certain principals share liability unless they show lack of knowledge.
An investor sues over a misrepresentation. Which defense most directly undermines the claim?
Answer: The investor was aware of the facts and the seller can prove it
If the buyer knew the truth, the seller can avoid liability for the misrepresentation.
A willful violation of the Uniform Securities Act may result in which of the following?
Answer: Criminal penalties, including fines and imprisonment
Willful violations may be prosecuted criminally by the proper prosecuting authorities.
Who prosecutes criminal violations of the Uniform Securities Act?
Answer: The state's attorney general or the proper county prosecutor
The administrator refers cases; the AG or local prosecutor brings criminal charges.
A person who proves they did not know of a rule's existence is accused of a criminal violation. Which statement is correct?
Answer: Imprisonment may not be imposed if they prove they had no knowledge of the rule
Under the Act, no imprisonment if the person proves no knowledge of the rule or order.
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