After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security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 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 subsection (1) of this section 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. [1961 c.726 §78.2030; 1995 c.328 §19]
Section: Previous 78.1120 78.1130 78.1140 78.1150 78.1160 78.2010 78.2020 78.2030 78.2040 78.2050 78.2060 78.2070 78.2080 78.2090 78.2100 NextLast modified: August 7, 2008