(a) After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered for redemption or exchange, a purchaser is charged with notice of any defect in the security's issue or defense of the issuer, if the act or event
(1) requires the payment of money, the delivery of certificated securities, the registration of transfer of uncertificated securities, or any of these on presentation or surrender of the security certificate, the money or securities are available on the date set for payment or exchange, and the purchaser takes the security more than one year after that date; or
(2) is not covered by (1) of this subsection and the purchaser takes the security more than two years after the date set for surrender or presentation or the date on which performance became due.
(b) [Repealed, Sec. 68 ch 17 SLA 1996].
Section: Previous 45.08.201 45.08.202 45.08.203 45.08.204 45.08.205 45.08.206 45.08.207 45.08.208 45.08.209 45.08.210 NextLast modified: November 15, 2016