Securities Act Trumps APA For Appeals Timing: Texas Court

Law360, Dallas (November 26, 2013, 7:43 PM EST) -- A Texas appeals court on Tuesday said state securities laws override administrative procedure rules and take precedent in determining deadlines for companies to challenge cease-and-desist orders issued by the Texas State Securities Board.

The Third District Court of Appeals held life settlement firm AGAP Life Offerings LLC waited too long to challenge an emergency cease-and-desist order and said the company is barred from appealing the administrative ruling to the courts because it exceeded a 60-day deadline set out in the Texas Securities Act. The panel rejected...
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