Ariz. Rev. Stat. » Title 44
Arizona Revised Statutes

Ariz. Rev. Stat. § 44-2002 (2026)

Remedy for voidable purchases

✓ current as of May 2026
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A. A purchase or contract for purchase from a seller of securities made in violation of section 44-1842, 44-1991 or 44-1994 is voidable at the election of the seller of the securities, and the seller may bring an action in a court of competent jurisdiction to recover the amount of the seller's damages, with interest, taxable court costs and reasonable  attorney fees.

B. A person against whom an action for a violation of section 44-1991 is brought is not liable under subsection A of this section if the person sustains the burden of proof that the person did not know and in the exercise of reasonable care could not have known of the untrue statement or misleading omission.

 

Notes of Decisions
Cited in 5 cases (1 in the last 5 years), 1972–2025 · leading case: Caruthers v. Underhill, 326 P.3d 268 (Ariz. Ct. App. 2014).
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Caruthers v. Underhill, 326 P.3d 268 (Ariz. Ct. App. 2014). · cites it 15× “The Propriety of Rescission Under AR.S. § 44-2002 Is a Question for the Court To Decide.”
Washington Nationall Corp. v. Thomas, 570 P.2d 1268 (Ariz. Ct. App. 1977). · cites it 5× “The sale of the 8,000 shares of 3M stock was voidable under A.R.S. § 44-2002 which permits the sellers, the Thomas-es, to bring an action to recover the amount of their damages.”
J. Ball Trust v. Phx Orchard (Ariz. Ct. App. 2018). · cites it 16× “¶10 Section 44-2001(A) provides: A sale or contract for sale of any securities to any purchaser in violation of § 44-1841 or 44-1842 or [§§ 44-1991 through 2000] is voidable at the election of the purchaser, and the purchaser may bring an action in a court of competent…”
Sync Title v. Acc (Ariz. Ct. App. 2025). · cites it 2× “§ 44-2001 (transactions in violation of Section 44-1841 are voidable); A.R.S. § 44-2002 (transactions in violation of Section 44-1991 are voidable).”
Kalav v. Pitt, 503 P.2d 833 (Ariz. Ct. App. 1972). “44-2001 or damages, pursuant to the provisions of A.R.S. 44-2002. ...” In accordance with the foregoing findings of fact and conclusions of law, the court entered judgment ordering the appellee to return to the appellant 7,500 shares of Rajac Industries stock and that the…”
— Ariz. Rev. Stat. § 44-2002(A) — 2 cases
Caruthers v. Underhill, 326 P.3d 268 (Ariz. Ct. App. 2014). “The Propriety of Rescission Under AR.S. § 44-2002 Is a Question for the Court To Decide.”
J. Ball Trust v. Phx Orchard (Ariz. Ct. App. 2018). “¶10 Section 44-2001(A) provides: A sale or contract for sale of any securities to any purchaser in violation of § 44-1841 or 44-1842 or [§§ 44-1991 through 2000] is voidable at the election of the purchaser, and the purchaser may bring an action in a court of competent…”
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