(1) Except as provided in subsection (3) of this section, no action or suit may be commenced under ORS 59.115 if the purchaser has received before suit a written notice as outlined in subsection (2) of this section.\n(2) The notice shall contain:\n(a) An offer to pay the amount specified in ORS 59.115 (2)(a) upon tender of the security; and\n(b) A statement of the effect on the purchaser’s rights of failure to respond as required in subsection (3) of this section.\n(3) An action or suit under this section may be commenced after receipt of a notice as outlined in subsection (2) of this section:\n(a) If the purchaser owned the security when the notice was received, accepted the payment offer within 30 days after its receipt, and has not been paid the full amount offered; or\n(b) If the purchaser did not own the security when the notice was received and, within 30 days after receipt, gave written notice of inability to tender back the security.\n(4) An offer to repay the purchaser pursuant to this section involves the offer or sale of a security. The transaction must be registered under ORS 59.055 unless there is an exemption from the registration requirement or a notice is filed suant to this section involves the offer or sale of a security. The transaction must be registered under ORS 59.055 unless there is an exemption from the registration requirement or a notice is filed under ORS 59.049. [1967 c.537 §13(6); 1985 c.349 §14; 1997 c.772 §10]
Oregon Legal Code