Administration & LiabilityQuestion 98 of 100
A non-resident broker-dealer is sued under a state's securities act. Because the firm filed a consent to service of process, legal papers may be:
a.Served only at the firm's out-of-state headquarters
b.Served only if the firm still has clients in the state
c.Ignored unless the firm agrees to appear
d.Served on the Administrator with the same effect as personal service on the firm, with notice forwarded to the firm
Explanation
The consent to service of process appoints the Administrator as the registrant's attorney to receive service of process in any noncriminal action arising under the act, and service on the Administrator carries the same force as personal service. The Administrator then forwards a copy to the last known address. The consent survives the firm's departure from the state and cannot be disregarded.
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