Nebraska Revised Statutes

Neb. Rev. Stat. § 8-1118 (2026)

Violations; damages; statute of limitations

✓ current as of July 2026

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(1) Any person who offers or sells a security in violation of section 8-1104 or offers or sells a security by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made in the light of the circumstances under which they are made not misleading, the buyer not knowing of the untruth or omission, and who does not sustain the burden of proof that he or she did not know and in the exercise of reasonable care could not have known of the untruth or omission, shall be liable to the person buying the security from him or her, who may sue either at law or in equity to recover the consideration paid for the security, together with interest at six percent per annum from the date of payment, costs, and reasonable attorney's fees, less the amount of any income received on the security, upon the tender of the security, or for damages if he or she no longer owns the security, except that in actions brought based on a transaction exempt from registration under subdivision (23) of section 8-1111, no person shall be liable for any statement of a material fact made or for an omission of a material fact required to be stated or necessary to make the statement made not misleading unless such statement or omission was made with the intent to defraud or mislead, with the burden of proof in such cases being on the claimant. Damages shall be the amount that would be recoverable upon a tender less (a) the value of the security when the buyer disposed of it and (b) interest at six percent per annum from the date of disposition.

(2) Any investment adviser who provides investment adviser services to another person which results in a willful violation of subsection (2), (3), or (4) of section 8-1102, subsection (2) of section 8-1103, or section 8-1114 or any investment adviser who employs any device, scheme, or artifice to defraud such person or engages in any act, practice, or course of business which operates or would operate as a fraud or deceit on such person shall be liable to such person. Such person may sue either at law or in equity to recover the consideration paid for the investment adviser services and any loss due to such investment adviser services, together with interest at six percent per annum from the date of payment of the consideration plus costs and reasonable attorney's fees, less the amount of any income received from such investment adviser services and any other economic benefit.

(3) Every person who directly or indirectly controls a person liable under subsections (1) and (2) of this section, including every partner, limited liability company member, officer, director, or person occupying a similar status or performing similar functions of a partner, limited liability company member, officer, or director, or employee of such person who materially aids in the conduct giving rise to liability, and every broker-dealer, issuer-dealer, agent, investment adviser, or investment adviser representative who materially aids in such conduct shall be liable jointly and severally with and to the same extent as such person, unless able to sustain the burden of proof that he or she did not know, and in the exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist. There shall be contribution as in cases of contract among the several persons so liable.

(4) Any tender specified in this section may be made at any time before entry of judgment. Every cause of action under the Securities Act of Nebraska shall survive the death of any person who might have been a plaintiff or defendant. No person may sue under this section more than three years after the contract of sale or the rendering of investment advice. No person may sue under this section (a) if the buyer received a written offer, before an action is commenced and at a time when he or she owned the security, to refund the consideration paid together with interest at six percent per annum from the date of payment, less the amount of any income received on the security, and the buyer failed to accept the offer within thirty days of its receipt, or (b) if the buyer received such an offer before an action is commenced and at a time when he or she did not own the security, unless the buyer rejected the offer in writing within thirty days of its receipt.

(5) No person who has made or engaged in the performance of any contract in violation of any provision of the act or any rule and regulation or order under the act, or who has acquired any purported right under any such contract with knowledge of the facts by reason of which its making or performance was in violation, may base any action on the contract. Any condition, stipulation, or provision binding any person acquiring any security or receiving any investment advice to waive compliance with any provision of the act or any rule and regulation or order under the act shall be void.

Notes of Decisions

Cited in 20 cases, 1973–2017 · leading case: Hooper v. Freedom Fin. Grp., Inc., 784 N.W.2d 437 (Neb. 2010).

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Hooper v. Freedom Fin. Grp., Inc., 784 N.W.2d 437 (Neb. 2010). · cites it 14× “Following trial, the district court found that FFG and the Pierces were jointly and severally liable to the Hoopers under the provisions of § 8-1118. The court further found that the Hoopers sustained damages in the amount of $88,942.”

Wilson v. Misko, 508 N.W.2d 238 (Neb. 1993). · cites it 22× “The plaintiffs’ assignments of error combine to assert that the district court erred (1) in failing to rule that defendant, as a matter of law, was a seller or offeror of unregistered securities who is liable to the plaintiffs under Neb. Rev. Stat. § 8-1118 (1) (Reissue 1991);…”

Knoell v. Huff, 395 N.W.2d 749 (Neb. 1986). · cites it 12× “Specifically, § 8-1118 is almost a complete adopting by the Nebraska Legislature of § 410 of the Uniform Securities Act.”

Lustgraaf v. Behrens, 619 F.3d 867 (8th Cir. 2010). · cites it 2× “509 (7), and Arizona, Ariz. Rev.Stat. § 44-1999, respectively.”

DeSciose v. Chiles, Heider & Co., Inc., 476 N.W.2d 200 (Neb. 1991). · cites it 7× “7 was experiencing significant financial difficulties,” and the defendant violated “Neb. Rev. Stat. §8-1118, R.R.S. (1943).” In this part of his pleading, plaintiff made a tender of the warrant of July 28,1982, as well as all the warrants “he may have received in payment of…”

In Re Nat'l Century Fin. Enter., Inc., Inv. Litig., 541 F. Supp. 2d 986 (S.D. Ohio 2007). · cites it 3× “110A, § 410(a)(2) (applying to “any untrue statement”); Neb.Rev.Stat. § 8-1118(1) (applying to “any untrue statement”); N.”

Farr v. Designer Phosphate & Premix Int'l, Inc., 804 F. Supp. 1190 (D. Neb. 1992). · cites it 14× “That [Neb.Rev.Stat. § 8-1118] is a flat statute of two years.”

DMK Biodiesel v. McCoy, 830 N.W.2d 490 (Neb. 2013). “3 When reviewing an order dismissing a complaint, the appellate court accepts as true all facts which are well pled and the proper and reasonable inferences of law and fact which may be drawn therefrom, but not the plain- tiff’s conclusion.”

In re Nat'l Century Fin. Enter., Inc., Inv. Litig., 846 F. Supp. 2d 828 (S.D. Ohio 2012). · cites it 2× “110A, § 410(b) (“materially aids”); Neb.Rev.Stat. § 8-1118(3) (“materially aids”); N.”

Katz v. Sunset Fin. Servs., Inc., 650 F. Supp. 2d 962 (D. Neb. 2009). · cites it 7× “Neb.Rev.Stat. § 8-1118(1) provides in part: "Any person who .”

Fed. Sec. L. Rep. P 93,959 Frank Lanza, Jr. v. Drexel & Co., Theodore J. Kircher & Christie F. Vitolo, 479 F.2d 1277 (2d Cir. 1973). “§ 15-2022(2) (1967); Neb.Rev. Stat. § 8-1118(2) (1970); N.J.Stat.”

Brown v. United States Nat. Bank of Omaha, 371 N.W.2d 692 (Neb. 1985). · cites it 2× “In an amended petition Brown alleged that the letters of credit constituted “contracts which arise out of a violation of the Nebraska Securities Act” and are unenforceable by virtue of Neb. Rev. Stat. § 8-1118 (4) (Reissue 1983).”

Show all 20 citing cases →

— Neb. Rev. Stat. § 8-1118(1) — 7 cases

Wilson v. Misko, 508 N.W.2d 238 (Neb. 1993). “The plaintiffs’ assignments of error combine to assert that the district court erred (1) in failing to rule that defendant, as a matter of law, was a seller or offeror of unregistered securities who is liable to the plaintiffs under Neb. Rev. Stat. § 8-1118 (1) (Reissue 1991);…”

Hooper v. Freedom Fin. Grp., Inc., 784 N.W.2d 437 (Neb. 2010). “Following trial, the district court found that FFG and the Pierces were jointly and severally liable to the Hoopers under the provisions of § 8-1118. The court further found that the Hoopers sustained damages in the amount of $88,942.”

In Re Nat'l Century Fin. Enter., Inc., Inv. Litig., 541 F. Supp. 2d 986 (S.D. Ohio 2007). “110A, § 410(a)(2) (applying to “any untrue statement”); Neb.Rev.Stat. § 8-1118(1) (applying to “any untrue statement”); N.”

Katz v. Sunset Fin. Servs., Inc., 650 F. Supp. 2d 962 (D. Neb. 2009). “Neb.Rev.Stat. § 8-1118(1) provides in part: "Any person who .”

DMK Biodiesel v. McCoy (Neb. 2015).

— Neb. Rev. Stat. § 8-1118(2) — 5 cases

Prochaska & Assocs., Inc. v. Merrill Lynch Pierce Fenner & Smith, Inc., 798 F. Supp. 1427 (D. Neb. 1992).

Katz v. Sunset Fin. Servs., Inc., 650 F. Supp. 2d 962 (D. Neb. 2009). “Neb.Rev.Stat. § 8-1118(1) provides in part: "Any person who .”

Farr v. Designer Phosphate & Premix Int'l, Inc., 804 F. Supp. 1190 (D. Neb. 1992). “That [Neb.Rev.Stat. § 8-1118] is a flat statute of two years.”

Lohrman v. Sunset Fin. Servs., Inc., 641 F. Supp. 2d 879 (D. Neb. 2009).

— Neb. Rev. Stat. § 8-1118(3) — 7 cases

Knoell v. Huff, 395 N.W.2d 749 (Neb. 1986). “Specifically, § 8-1118 is almost a complete adopting by the Nebraska Legislature of § 410 of the Uniform Securities Act.”

Lustgraaf v. Behrens, 619 F.3d 867 (8th Cir. 2010). “509 (7), and Arizona, Ariz. Rev.Stat. § 44-1999, respectively.”

Farr v. Designer Phosphate & Premix Int'l, Inc., 804 F. Supp. 1190 (D. Neb. 1992). “That [Neb.Rev.Stat. § 8-1118] is a flat statute of two years.”

In re Nat'l Century Fin. Enter., Inc., Inv. Litig., 846 F. Supp. 2d 828 (S.D. Ohio 2012). “110A, § 410(b) (“materially aids”); Neb.Rev.Stat. § 8-1118(3) (“materially aids”); N.”

— Neb. Rev. Stat. § 8-1118(4) — 1 case

— Neb. Rev. Stat. § 8-1118(5) — 2 cases

DMK Biodiesel v. McCoy (Neb. 2015).

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