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Kansas Statutes Chapter 17. Corporations § 17-12a603. Civil enforcement; control person liability

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)Civil action instituted by administrator. If the administrator believes that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this act or a rule adopted or order issued under this act or that a person has, is, or is about to engage in an act, practice, or course of business that materially aids a violation of this act or a rule adopted or order issued under this act, the administrator may maintain an action in any court of competent jurisdiction to enjoin the act, practice, or course of business and to enforce compliance with this act or a rule adopted or order issued under this act.

(b)Relief available. In an action under this section and on a proper showing, the court may:

(1) Issue a permanent or temporary injunction, restraining order, or declaratory judgment;

(2) order other appropriate or ancillary relief, which may include:

(A) An asset freeze, accounting, writ of attachment, writ of general or specific execution, and appointment of a receiver or conservator, that may be the administrator, for the defendant or the defendant's assets;

(B) ordering the administrator to take charge and control of a defendant's property, including investment accounts and accounts in a depository institution, rents, and profits; to collect debts; and to acquire and dispose of property;

(C) imposing a civil penalty up to $25,000 for each violation. If any person is found to have violated any provision of this act, and such violation is committed against elder or disabled persons, as defined in K.S.A. 50-676, and amendments thereto, in addition to any civil penalty otherwise provided by law, the court may impose an additional penalty not to exceed $15,000 for each such violation. The total penalty against a person shall not exceed $1,000,000;

(D) an order of rescission, restitution, or disgorgement directed to a person that has engaged in an act, practice, or course of business constituting a violation of this act or the predecessor act or a rule adopted or order issued under this act or the predecessor act; and

(E) ordering the payment of prejudgment and postjudgment interest; or

(3) order such other relief as the court considers appropriate.

(c)No bond required. The administrator may not be required to post a bond in an action or proceeding under this act.

(d)Control person liability. A person that controls, directly or indirectly, a person who has engaged, is engaging or is about to engage in an act, practice or course of business constituting a violation of this act or a rule adopted or order issued under this act may be subjected to relief under subsection (b) to the same extent as the violating person, unless the controlling person did not know, and in the exercise of reasonable care could not have known, of the existence of the act, practice or course of business that is a ground for relief under this section.

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Cite this article: FindLaw.com - Kansas Statutes Chapter 17. Corporations § 17-12a603. Civil enforcement; control person liability - last updated January 01, 2025 | https://codes.findlaw.com/ks/chapter-17-corporations/ks-st-sect-17-12a603/

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