§490:8-203 Staleness as notice of defect or defense. After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security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 its issue or defense of the issuer, if the act or event:
(1) Requires the payment of money, the delivery of a certificated security, the registration of transfer of an uncertificated security, or any of them on presentation or surrender of the security certificate, the money or security is 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 paragraph (1) 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. [L 1997, c 33, pt of §2]
Section: Previous 490-8-112 490-8-113 490-8-114 490-8-115 490-8-116 490-8-201 490-8-202 490-8-203 490-8-204 490-8-205 490-8-206 490-8-207 490-8-208 490-8-209 490-8-210 NextLast modified: October 27, 2016