### V-1.1 - Securities Act

220. The defendant in an action provided for in sections 218 and 219 is liable for damages unless it is proved that
(1)  he acted with prudence and diligence, except in an action brought against the issuer or the holder whose securities were distributed, or that
(2)  the plaintiff knew, at the time of the transaction, of the alleged misrepresentation.
1982, c. 48, s. 220; 1999, c. 40, s. 327.
220. The defendant in an action provided for in sections 218 and 219 is responsible for damages unless it is proved that
(1)  he acted with prudence and diligence, except in an action brought against the issuer or the holder whose securities were distributed, or that
(2)  the plaintiff knew, at the time of the transaction, of the alleged misrepresentation.
1982, c. 48, s. 220.