TITLE 6A

Uniform Commercial Code

CHAPTER 6A-8

Investment Securities

PART 6A-8-201

Issue and Issuer

SECTION 6A-8-203



   § 6A-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After an act or event, other than a call that has been revoked, creating a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.



History of Section.

(P.L. 2000, ch. 182, § 5; P.L. 2000, ch. 420, § 5.)